Businesses can claim some of the tax they pay on purchases as Input Tax Credits if they also charge.
Businesses can claim some of the tax they pay on purchases as Input Tax Credits if they also charge sales tax to their customers. True False Question 3 (1 point) Saved Payment terms tell the business receiving an invoice: how long they have until the invoice must be paid how long they until they receive the goods they have purchased how much credit they have with the business from which they're buying goods and/ services how much tax will be charged to them for the sale Question 4 (1 point) Which statement about the effect of entering a Create Invoices form in the accounting records is correct? The invoice debits Accounts Receivable and credits Revenue Accounts Receivable decreases Revenue is debited The form cannot be edited Question 6 (1 point) Which of the following statements is true? The correct QuickBooks form when vendors bill the company is the Write Cheques form The correct QuickBooks form for a vendor invoice is the Enter Bills form The correct QuickBooks form for a customer invoice is the Sales Receipts form The correct QuickBooks form when billing the customer is the Statement Question 7 (1 point) When a business receives money in exchange for the sale of goods or services, that money is considered: An expense An asset A capital contribution Revenue Question 8 (1 point) What is the appropriate form for a sale that will be paid later? Sales Receipt Purchase Order Invoice May 16 2022 03:09 PM
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