| A) | A potential liability that depends on a future event arising out of a past transaction; it is not an existing liability.
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| B) | A current obligation in the form of a written promissory note.
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| C) | Amounts received in advance from customers for future products or services.
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| D) | A value-added tax on nearly all goods and services sold in Canada. The tax is levied by the federal government.
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| E) | A consumption tax levied by provincial governments on sales to the final consumers of products; calculated as a percentage of the sale price of the item being sold.
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| F) | An agreement that obligates the seller or manufacturer to repair or replace a product when it breaks or otherwise fails to perform properly within a specified period.
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| G) | Taxable goods or services on which GST is calculated and includes everything except zero-rated and exempt supplies.
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| H) | Goods including groceries, prescription drugs, and medical devices that have zero GST.
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| I) | The portion of long-term debt that is due within one year of the balance sheet date; reported under current liabilities on the balance sheet.
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| J) | GST-exempt services are educational, health care, and financial services.
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| K) | A future payment of assets or services that a company is presently obligated to make as a result of past transactions or events.
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| L) | A note that does not have a stated rate of interest; the interest is included in the face value of the note.
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| M) | Obligations of a company that do not require payment within the longer of one year or an operating cycle.
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| N) | A liability not having a fixed due date that is payable on the creditor's demand.
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| O) | An obligation of an uncertain amount that can be reasonably estimated.
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| P) | Obligations due within a year of the balance sheet date or the company's next operating cycle, whichever is longer; paid using current assets or by creating other current liabilities.
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| Q) | A potential gain that depends on a future event arising out of a past transaction. Contingent gains are never recorded until actually realized.
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| R) | Employee compensation amounts owing to employees and government and other agencies.
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| S) | A combined GST and PST rate of 15% applied to taxable supplies. Currently, New Brunswick, Nova Scotia, and Newfoundland and Labrador apply HST.
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| T) | Amounts owed to suppliers regarding products or services purchased on credit. Commonly referred to as accounts payable.
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| U) | A company's obligations that have little uncertainty and are set by agreements, contracts, or laws; also called definitely determinable liabilities.
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| V) | Employee compensation for work performed.
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| W) | Registered individual or entity selling taxable supplies that is responsible for collecting the GST on behalf of the government. A business with sales of less than $30,000 per year does not have to register for GST purposes.
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| X) | GST paid by the registrant on purchases of taxable supplies. Input tax credits are applied against (reduce) GST Payable. Also known as GST Receivable.
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| Y) | The difference between the face value of a non-interest-bearing note payable and the amount borrowed; represents interest that will be paid on the note over its life.
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