VAT Theory & Calculations
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Last updated over 5 years ago
15 questions
1
The current rate of VAT in South Africa is ?% (Type only the figure and do not include the % sign.) (If appropriate, do not leave any spaces between numbers.)
The current rate of VAT in South Africa is ?% (Type only the figure and do not include the % sign.) (If appropriate, do not leave any spaces between numbers.)
1
Purchased stationery for R300 (VAT exclusive). What is the VAT amount? (If appropriate, do not leave any spaces between numbers.)
Purchased stationery for R300 (VAT exclusive). What is the VAT amount? (If appropriate, do not leave any spaces between numbers.)
1
Paid the telephone account, R900 ( VAT exclusive). What is the VAT inclusive amount? (If appropriate, do not leave any spaces between numbers.)
Paid the telephone account, R900 ( VAT exclusive). What is the VAT inclusive amount? (If appropriate, do not leave any spaces between numbers.)
1
Purchased trading stock for R4 600 ( VAT inclusive). What is the VAT exclusive amount? (If appropriate, do not leave any spaces between numbers.)
Purchased trading stock for R4 600 ( VAT inclusive). What is the VAT exclusive amount? (If appropriate, do not leave any spaces between numbers.)
1
Sold goods for R3 500 (VAT exclusive). Mark-up is 75%. What is the cost price (cost of sales) of the goods. (If appropriate, do not leave any spaces between numbers.)
Sold goods for R3 500 (VAT exclusive). Mark-up is 75%. What is the cost price (cost of sales) of the goods. (If appropriate, do not leave any spaces between numbers.)
1
A business that submits VAT returns to SARS is known as a VAT ...................? (Don't use capitals in your answer.)
A business that submits VAT returns to SARS is known as a VAT ...................? (Don't use capitals in your answer.)
1
SARS stands for? (Use a capital letter for the start of each word and leave a space in between each word.)
SARS stands for? (Use a capital letter for the start of each word and leave a space in between each word.)
1
VAT collected from customers is known as .................... VAT? (Don't use capitals in your answer.)
VAT collected from customers is known as .................... VAT? (Don't use capitals in your answer.)
1
An example of a VAT zero-rated item is .........................? (Don't use capitals in your answer and the spelling must be correct to be awarded the mark.)
An example of a VAT zero-rated item is .........................? (Don't use capitals in your answer and the spelling must be correct to be awarded the mark.)
1
Businesses that earn a turnover of R................................. or more, have to register for VAT. (Do not show the rand sign before your figure and leave no spaces in between numbers if appropriate.)
Businesses that earn a turnover of R................................. or more, have to register for VAT. (Do not show the rand sign before your figure and leave no spaces in between numbers if appropriate.)
1
VAT payments must be made by the .........th day of the month following the two month VAT period. (Write only the numbers of day of the month.)
VAT payments must be made by the .........th day of the month following the two month VAT period. (Write only the numbers of day of the month.)
1
When using the invoice basis for calculating VAT returns, VAT is recorded when the ............................ takes place and not when payment is made. (Do not use capitals in your answer.)
When using the invoice basis for calculating VAT returns, VAT is recorded when the ............................ takes place and not when payment is made. (Do not use capitals in your answer.)
1
Does the VAT owed to SARS increase or decrease when debtors return goods to the business? (Write only the word increase or decrease and do not use capitals in your answer.)
Does the VAT owed to SARS increase or decrease when debtors return goods to the business? (Write only the word increase or decrease and do not use capitals in your answer.)
1
VAT owed to SARS increases or decreases when discount allowed granted to a debtor is cancelled due to an R/D cheque. (Write only the word increase or decrease and do not use capitals in your answer.)
VAT owed to SARS increases or decreases when discount allowed granted to a debtor is cancelled due to an R/D cheque. (Write only the word increase or decrease and do not use capitals in your answer.)
1
The amount owed to SARS for VAT increases or decreases when the owner takes stock for personal use? (Write only the word increase or decrease and do not use capitals in your answer.)
The amount owed to SARS for VAT increases or decreases when the owner takes stock for personal use? (Write only the word increase or decrease and do not use capitals in your answer.)