Which of the following statements is true about sales tax?O a. Sales tax is collected by retailers from customers to be paid to tax authorities later.O b. Sales tax is recorded and paid by customers to tax authorities.O c. Sales tax is not required to be mentioned in the sales invoice prepared by a seller.O d. Sales tax is the amount of discount extended to customers by retailers to be disclosed to tax authorities.

Sales: It can be defined as the selling of goods and services by the business to its customers.

Which of the following statements is true about sales tax? O a. Sales tax is collected by retailers from customers to be paid to tax authorities later. O b. Sales tax is recorded and paid by customers to tax authorities. Oc. C. Sales tax is not required to be mentioned in the sales invoice prepared by a seller. O d. Sales tax is the amount of discount extended to customers by retailers to be disclosed to tax authorities.

Which of the following statements is true about sales tax? O a. Sales tax is collected by retailers from customers to be paid to tax authorities later. O b. Sales tax is recorded and paid by customers to tax authorities. Oc. C. Sales tax is not required to be mentioned in the sales invoice prepared by a seller. O d. Sales tax is the amount of discount extended to customers by retailers to be disclosed to tax authorities.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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