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CIMAPRA17-BA3-1 Exam - Topic 1 Question 20 Discussion

If a profitable entity is not required to register for sales tax with its local tax authority, which of the following statements is TRUE?
C) Sales tax will not be added to the cost of goods and expenses supplied
A) A sales tax receivable account will be prepared in the nominal ledger
B) Sales tax will not be added to the sales price of goods invoiced to customers
D) Profit for the year will be reported net of sales tax.

CIMAPRA17-BA3-1 Exam - Topic 1 Question 20 Discussion

Actual exam question for CIMA's CIMAPRA17-BA3-1 exam
Question #: 20
Topic #: 1
[All CIMAPRA17-BA3-1 Questions]

If a profitable entity is not required to register for sales tax with its local tax authority, which of the following statements is TRUE?

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Suggested Answer: C

by Thurman at May 04, 2022, 03:11 PM

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Galen
10 months ago
Not sure about that, isn't it risky to avoid tax registration?
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Chantay
10 months ago
Profit reported net of sales tax makes sense!
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Lilli
11 months ago
Wait, so they can just skip sales tax? Sounds off.
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Cherilyn
11 months ago
Totally agree, that's how it works!
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Arleen
11 months ago
Sales tax won't be added to the sales price if not registered.
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Hayley
11 months ago
I think the key here is to recognize that the semi-skilled labour is in surplus, so the relevant cost for those hours is just the $8 per hour wage, not the $12 contribution per hour that the skilled labour is generating on other contracts.
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Richelle
11 months ago
Hmm, I'm a bit unsure about the specifics of modifying the Salesforce Commerce Checkout flow. I'll need to review my notes carefully.
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Owen
11 months ago
Option D looks interesting, but I'm worried that having a single billing account for all the projects might make it harder to track spending per developer. I'm leaning more towards option C to keep things organized.
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Carmelina
11 months ago
I'm a bit unsure about this one. I know ACK is related to GPU virtualization, but I can't recall the specifics of the supported vGPU ratios off the top of my head. I'll need to think it through step-by-step.
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