Inventories Q5

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

A:

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.”

Advertisements