Ch 7 - Recording and reporting cash flows Flashcards
1
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
2
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
3
Q
What percentage is GST?
A
10%
4
Q
How do you calculate GST?
A
amount / 10 = GST
