Chapter 4
Current Liabilities
158
AS-18 (
4
)
List the three types of sales tax.
AS-19 (
4
)
What is the current goods and services tax (GST) rate? Explain how the GST is accounted for
by a retailer.
AS-20 (
4
)
Why is sales tax not recorded as part of revenue or expenses on a retailer’s income statement?
