Test Bank for Accounting Principles, Volume 1, 10th Canadian Edition by Jerry J. Weygandt

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Test Bank for Accounting Principles, Volume 1, 10th Canadian Edition by Jerry J. Weygandt

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Download Test Bank for Accounting Principles, Volume 1, 10ce 10th Canadian Edition by Jerry J. Weygandt, Paul D. Kimmel, Jill E. Mitchell, Valerie Warren, Lori Novak. Complete Chapters (Chap 1 to 10 Plus Appx B,C,PV) are included with answers. VOLUME ONE 1 Accounting in Action 1-1 2 The Recording Process 2-1 3 Adjusting the Accounts 3-1 4 Completion of the Accounting Cycle 4-1 5 Accounting for Merchandising Operations 5-1 6 Inventory Costing 6-1 7 Internal Control and Cash 7-1 8 Accounting for Receivables 8-1 9 Long-Lived Assets 9-1 10 Current Liabilities and Payroll 10-1 APPENDIX B Sales Taxes B-1 APPENDIX C Accounting Information

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Test Bank for Accounting Principles, Tenth Canadian Edition Complete Chapters Included
Vol 1

APPENDIX B: SALES TAXES

TRUE-FALSE STATEMENTS

1. GST is a provincial tax on most goods and services.

Answer: False

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Explain the different types of sales taxes.
Section Reference: Types of Sales Taxes
CPA: Financial Reporting
AACSB: Analytic

2. GST is 5% on most transactions.

Answer: True

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Explain the different types of sales taxes.
Section Reference: Types of Sales Taxes
CPA: Financial Reporting
AACSB: Analytic

3. GST is NOT charged on basic grocery items.

Answer: True

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Explain the different types of sales taxes.
Section Reference: Types of Sales Taxes
CPA: Financial Reporting
AACSB: Analytic

4. HST is a combined or harmonized tax consisting of GST and provincial sales tax.

Answer: True

B-1
Copyright © 2025 .

,Test Bank for Accounting Principles, Tenth Canadian Edition

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Explain the different types of sales taxes.
Section Reference: Types of Sales Taxes
CPA: Financial Reporting
AACSB: Analytic

5. HST does NOT have the same regulations as GST.

Answer: False

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Explain the different types of sales taxes.
Section Reference: Types of Sales Taxes
CPA: Financial Reporting
AACSB: Analytic

6. Provincial sales taxes are remitted to the Receiver General for Canada.

Answer: False

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Explain the different types of sales taxes.
Section Reference: Types of Sales Taxes
CPA: Financial Reporting
AACSB: Analytic

7. HST is remitted to the Receiver General for Canada.

Answer: True

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Explain the different types of sales taxes.
Section Reference: Types of Sales Taxes
CPA: Financial Reporting
AACSB: Analytic

8. Provincial sales taxes are remitted to the Minister of Finance of the province.

B-2
Copyright © 2025 .

,Test Bank for Accounting Principles, Tenth Canadian Edition

Answer: True

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Explain the different types of sales taxes.
Section Reference: Types of Sales Taxes
CPA: Financial Reporting
AACSB: Analytic

9. The PST percentage does NOT vary from province to province.

Answer: False

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Explain the different types of sales taxes.
Section Reference: Types of Sales Taxes
CPA: Financial Reporting
AACSB: Analytic

10. GST returns are submitted quarterly for most registrants.

Answer: True

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Explain the different types of sales taxes.
Section Reference: Types of Sales Taxes
CPA: Financial Reporting
AACSB: Analytic

11. Zero-rated supplies include uncooked pizza.

Answer: True

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Explain the different types of sales taxes.
Section Reference: Types of Sales Taxes
CPA: Financial Reporting
AACSB: Analytic

B-3
Copyright © 2025 .

, Test Bank for Accounting Principles, Tenth Canadian Edition

12. GST charged on a sale is recorded in the GST Payable account.

Answer: True

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Record sales taxes collected by businesses on good and services.
Section Reference: Sales Taxes Collected on Receipts
CPA: Financial Reporting
AACSB: Analytic

13. When inventory is purchased for resale, its GST is recorded as GST payable.

Answer: False

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Record sales taxes paid on the purchase of goods and services.
Section Reference: Sales Taxes Paid on Payments
CPA: Financial Reporting
AACSB: Analytic

14. PST is NOT charged on goods for resale.

Answer: True

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Record sales taxes paid on the purchase of goods and services.
Section Reference: Sales Taxes Paid on Payments
CPA: Financial Reporting
AACSB: Analytic

15. Furniture purchased for the office would include an entry for GST recoverable.

Answer: True

Bloomcode: Knowledge
Difficulty: Easy
Learning Objective: Record sales taxes paid on the purchase of goods and services.
Section Reference: Sales Taxes Paid on Payments
CPA: Financial Reporting

B-4
Copyright © 2025 .

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Uploaded on: February 22, 2025
Number of pages: 1389
Written in: 2024/2025
Type: Exam (elaborations)
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