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Grade 11 Accounting- Sales Tax Unit

Last updated over 7 years ago

5 questions

Note from the author:

Chapter 6

1

1

1

1

1

Question 1

1.

Using source documents follows which accounting principle?

Objectivity Principle

Source Document Principle

Business Entity

Matching Principle

Question 2

2.

Which of the following is NOT a source doument?

A receipt

A cheque

A sales invoice

A verbal quote

Question 3

3.

A sales invoice issued by YOUR business means

The Sales account will be debited

A Sales account will be credited

A sales account and HST payable will be credited

A sales account will be credited and HST payable will be debited

Question 4

4.

A purchase invoice for equipment RECEIVED by your business means

Equipment and HST Recoverable are debited

Equipment is debited and HST recoverable is credited

Equipment and HST recoverable are credited

Equipment is credited and HST recoverable is debited

Question 5

5.

HST in Ontario is

15 %

12%

13%

14%