Junior Bookkeeper Skills Assessment Phase 5

Name *

First

Last

before simply consistency

1. Selecting the correct tax code is just as important as selecting the correct expense account. *

2. GST collected from customers generally becomes: *

3. GST paid on every purchase is automatically recoverable. *

4. What must be confirmed before claiming an Input Tax Credit? *

5. Supporting documentation should be reviewed before selecting a tax code. *

6. Which organization administers GST? *

7. Every business is registered for GST. *

8. Which of the following is an example of an "Out of Scope" transaction? *

9. If documentation is incomplete, additional clarification may be required before determining tax treatment. *

10. Which document provides the strongest evidence for determining GST treatment? *

11. PST and GST always follow the same rules. *

12. What should you do if you are uncertain about the correct tax code? *

Guess the most common code
Leave the transaction uncoded permanently
Research previous transactions, consult CRA guidance, and escalate if necessary.
Delete the transaction.

13. Incorrect tax coding can affect both GST returns and financial statements. *

14. Which of the following should always be considered before assigning a tax code? *

15. The purpose of tax coding is simply to complete the GST return. *

16. Which tax is generally administered separately by the Province of British Columbia? *

17. Reviewing historical transactions can help maintain consistency when selecting tax codes. *

18. Which of the following is one consequence of incorrect GST coding? *

19. Transactions should never be coded based solely on assumptions or incomplete information. *

20. Which is Eagleeye's expected approach when determining tax treatment? *

Accept Quickbook’s suggested tax code without review.
Research, review documentation and apply professional judgment before making a decision.
Ask a Senior Bookkeeper before reviewing the documentation.
Use the same tax code for all purchases from the same supplier.