Accounting Quiz or Test Your Accounting Knowledge On Value Added Tax (VAT)

August 12th, 2010 Comments off
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Refresh or test your accounting knowledge on Value Added Tax (VAT):

QUESTIONS:1.0  If output VAT exceed input VAT, the difference can be reclaimed from Custom and Excise. True or false?2.0  What are the two rates of VAT which may be applicable to taxable outputs?

3.0  Give two examples of expenditure on which input VAT is not recoverable

4.0  A business purchased goods valued at $400. VAT is charged at 15%. What is the double entry to record the purchase?

 

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