Inventories Q5

Q5: Which items in a Balance sheet typically include GST and which typically exclude GST?


Study Guide Chapter 4 Section 4.1 page 4-4:

Usually, all items of a firm’s … Balance sheet (that is, Assets, Liabilities and Equity) are stated exclusive of GST, except for Accounts receivable and Accounts payable in the Balance sheet which are stated inclusive of GST.”