The credit that a company receives for the GST/HST it pays is called Output Tax Credit Input Tax Credit. Business Tax Credit. Payroll Tax Credit Question 23 (1 point) The basic concept of the quick method of accounting for GST HST is best described as follows: The quick method allows a small company to pay as little rax as possible A smaller company will remit about as much tax as they would if detailed records were maintained. Only small companies with total sales of less then $150.000 can use the quick method. A small company with large capital purchases nhould always ruoid using the quick method. Question 24 ( 1 point) Companies using the quick method of accounting for GST/HST can still claim GST/HST back on major capital expenditures. True False Question 25 (1 point) Saved The Prepaid HST account normally has a credit balance and is a Contra Cost account True False