Ch 7 - Recording and reporting cash flows Flashcards by Jasmine Crowley | Brainscape

Q

What are some ways a business can receive cash? (min 3)

A

selling goods/providing service
receiving interest
accounts receivable
borrowing/loans
selling unwanted assets
capital contribution

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Q

What are some ways a business can make payments? (min 3)

A

buying goods
paying for services
paying interest
accounts payable
repaying loans
purchasing non-current assets
drawings

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Q

What percentage is GST?

A

10%

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Q

How do you calculate GST?

A

amount / 10 = GST

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