Chapter 6
Using source documents follows which accounting principle?
Objectivity Principle
Source Document Principle
Business Entity
Matching Principle
Which of the following is NOT a source doument?
A receipt
A cheque
A sales invoice
A verbal quote
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
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
HST in Ontario is
15 %
12%
13%
14%