GST Revision 2023

GST Owed to the ATO is called

• GST Receivable

• GST Payable

• GST Refund

• GST Settlement

In which column would GST Refund be recorded in

• Sundries column in CPJ

• GST Column in CRJ

• Sundries column in CRJ

• GST Column in CPJ

Which is the correct formula for calculating GST at end

• GST Payable + GST Paid and GST incurred Less GST Received and GST Earned

• GST Payable less GST Paid and GST incurred Add GST Received and GST Earned

• GST Payable + GST Paid and GST earned Less GST Received and GST Incurred

• GST Payable + GST Received and GST incurred Less GST Paid and GST Earned

Which is the correct title for reporting GST oin the Balance Sheet as a Current Asset

• GST Received

• GST Receivable

• GST Refund

• GST Payable

GST is not paid on which of the following items

• Wages

• Drawings

• Interest

• All of them

Which of the following titles would not appear in the CashFlow Statement

• GST Received

• GST Paid

• GST Settlement

• GST Incurred

Calculate the GST Payable or Receivable at end if GST Payable at start is $500, GST Paid is $400 and GST Received is 600

• $1 500

• $300

• $700

• $800

Calculate the GST Settlement given the following information:

GST Received is $400; GST Payable at start is $700; GST Paid is $200

• $1 300

• $700

• $1 100

• $900

Which of the following titles would appear in the Income Statement?

• GST Received

• GST Paid

• GST Refund

• None

What is the title given to GST when GST Paid is greater than GST Received

• GST Settlement

• GST Refund

• GST Receivable

• GST Payable