Computerized Accounting Quiz 2
Test Your Knowledge on Computerized Accounting
Are you ready to challenge your understanding of computerized accounting concepts, especially related to GST, HST, and PST? This quiz is designed to test your knowledge with 16 engaging questions that cover essential tax regulations in Canada.
- Assess your knowledge on sales taxes.
- Understand the impact of GST/HST on businesses.
- Learn about the differences between various tax types in Canada.
The Harmonized Sales Tax or HST is applied
To all goods and services sold in HST participating provinces in Canada
Only to merchandise sold in HST participating provinces in Canada
To all goods and services except food and medicine
To most goods and services sold in participating provinces in Canada
Businesses must register for GST and apply GST to sales
They sell to customers in Canada
They have annual sales over $30 000
They import goods from outside of Canada
They import goods from outside of Canada
Registration for GST favours a business because
It increases revenue as customers pay more for the products and services
It makes the tax reports easier to prepare
It allows a business credits for the GST it pays for business-related expenses
There are no advantages to registering for GST
Items that are not taxable for GST
Are mostly basic necessities
Are consumed in Canada
Are not used or needed by most Canadians
Here are no items that do not have GST applied
A business that is registered to collect PST from customers
Deducts the PST it pays on business-related expenses from the PST it remits to the provincial government
Does not pay PST on any business-related expenses
Pays PST on most goods and services, just like GST
Pays PST on taxable supplies and services that it does not resell
HST (Harmonized Sales Tax) differs from GST in that
It has a different tax rate
Includes a portion for provincial sales tax
It applies to a different set of products and services
A and b above
Provincial sales taxes
Apply at the same rate in all provinces and territories in Canada
Are always calculated on the sales amount before any other taxes are added
On purchases that are treated as business expenses
Increase revenue for a business by the amount of the tax collected from customers
Businesses that are allowed to use the Quick Method for applying GST/HST include
Banks and other financial institutions
Any business with annual sales less than $500 000
Some small businesses
All businesses may use the Quick Method
GST/HST differs from other sales taxes in that
It applies at all levels of sales
The same rate applies to all goods and services sold
All goods and services have GST/HST applied
GST/HST is applied in the same way as other sales taxes
Provincial sales taxes
Are charged on all goods and services
Are charged on the item price plus GST to calculate the HST amount
Are never charged on services
None of the above
The percentage tax rate applied for the Goods and Services Tax
Is constant at 5 percent
Varies with the sales tax rate applied by the provinces
Applies to all goods and services
Can be changed through federal government legislation
Sales taxes on good and services in Canada
Are the same across all provinces and territories
Are the same for all goods and services
Are charged at the rate applicable to the province of destination
All of the above
Provinces that apply HST
Have an HST rate that is usually based on the original provincial tax rates
Do not have provincial taxes
All have the same HST rate
Charge one HST rate for goods and a different rate for services
HST rates
Are the same for all provinces
Are set by the federal government
Apply to all goods and services that have GST applied
May be different for different provinces
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