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Q: What is a legally binding agreement or action that will result in outlays immediately or in the future?
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Is GST outlays an asset?

GST outlays is an asset and represents GST paid to out firms for goods and services. this account is offset agaisnt GST collections (liabilities)


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It had its origins in the federal government's need to fund the Civil War outlays.


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What is meant by surplus and deficit?

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