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.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter8: Current And Contingent Liabilities

Section: Chapter Questions

Problem 8MCQ

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