When preparing a budget, A.GST is a necessary cost of doing business B.GST is only necessary for income items as this is remitted to the ATO C.GST needs to be factor as generally the amount owing to the ATO is greater than what the ATO owes D.GST is levied on all items of a business

When preparing a budget, A.GST is a necessary cost of doing business B.GST is only necessary for income items as this is remitted to the ATO C.GST needs to be factor as generally the amount owing to the ATO is greater than what the ATO owes D.GST is levied on all items of a business

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

When preparing a budget,

A.GST is a necessary cost of doing business

B.GST is only necessary for income items as this is remitted to the ATO

C.GST needs to be factor as generally the amount owing to the ATO is greater than what the ATO owes

D.GST is levied on all items of a business

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