6. A business charges GST on sales and pays GST on purchases: a. The company will always have to pay an amount to Canada Revenue Agency b. The company will always have to pay an amount to the Province of BC c. It is conceivable that the company could get a refund of GST d. The company does not have to pay until they get an invoice from the Government 7. Which of the following errors causes an overstatement of net income? a. Failure to accrue revenue earned but not billed b. Failure to record collection of an account receivable c. Failure to record amortization d. Failure to apportion recorded revenue that was received in advance 8. Stu's Tune-up Shop follows the principle of revenue recognition. Stu services a car on January 31st. The customer picks up the vehicle on February 5th and mails the payment to Stu on February 10th. Stu receives the cheque in the mail on February 12th. When should Stu show that the revenue was earned? 7. January 31 6. February 5th c. February 10th d. February 124 9. Which of the following accounts might appear on a post-closing trial balance? a. Accumulated Depreciation b. Legal Fees Earned c. Owner's Drawing d. Office Supplies Expense 10.According to the accounting cycle, closing entries are journalized and posted a. After the post-closing trial balance b. At the management's discretion c. Before the financial statements are prepared d. After the financial statements are prepared