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The amounts to be included in a GST/HST return are recorded on a cash basis rather than an accrual basis. Question content area bottom Part
The amounts to be included in a GST/HST return are recorded on a cash basis rather than an accrual basis. Question content area bottom Part 1 A. True because most taxpayers are on the cash basis. The recognition occurs when cash is being paid for an expense or purchase, and when cash has been received for a sale. B. False because the determining factor is when an expense is incurred, which is the accrual basis. The recognition occurs when an expense has been incurred, and when a purchase or sale is complete. C. True because the cash basis is more intuitive for taxpayers. The recognition occurs when cash has been paid for an expense or purchase, and when cash has been received for a sale. D. False because the amounts to be included in a GST/HST return are on neither the cash nor accrual basis. The determining factor is based on the accounting rules for GST/HST
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