Kế CFAB - Chap 3

Which of the following items will appear in an entity's Cash Book?

 

1.  Purchase Returns

 

2.  Sales Invoices

 

3.  Bank Charges

4.  Cash Sales

• 1,2&3

• 4

• . 3&4

• All of the above

Petty cash is controlled under an imprest system. The imprest amount is £100. During a period, payments totaling £53 have been made. How much needs to be reimbursed at the end of the period to restore petty cash to the imprest account?

 

• £100

• £53

• . £153

• £47

Lira sells goods worth £18700 and buys goods for £14500. Both transactions include Sales tax at 17.5% on the listed price. Calculate how much does Lira has to pay the tax authorities in respect of these two transactions?

 

• . £626

• . £2159

• £2785

• £4944

Invoice has been issued for......

 

• Cash sales only

• Both of cash & credit sales

• Credit sales only

Which of the following is a source document for petty cash?

 

• Purchase invoice

• Quotation

• Sales invoice

• Receipt and claim form

A business in its first period of trading charges £4,000 of sales tax on its sales and suffers £3,500 of sales tax on its purchases which include £250 sales tax on business entertaining. What is the amount owed to tax authorities?

 

• £750

• £500

W is registered for sales tax. The managing director has asked four staff in the accounts department why the output tax for the last quarter does not equal 17.5% of sales (17.5% is the rate of tax). Which one of the following four replies she received was not correct?

 

• The company had some exports that were not liable to sales tax

• The company made some sales of zero-rated products

• The company made some sales of exempt products

• The company sold some products to businesses not registered for sales tax

With respect to sales tax which of the following statements is correct?

• Sales tax is charged on purchases and sales after trade discounts and before settlement discounts.

• Exempt and zero rated supplies have the same tax effect.

• Sales tax is not reclaimable on capital expenditure

• Sales tax is charged on purchases and sales after trade discounts and after settlement discounts

Anwar makes sales in the quarter of £34,075 including sales tax at 17.5%. His total purchases net of sales tax are £11,010, of which £2,500 is for zero rated goods.

 

How much should he pay to the government?

 

• £4,473.88

• £3,435.21

• £3,585.75

• £3,807.55

The following information relates to Eva Co's sales tax for the month of March 20X9:

 

Sales (including sales tax)                  109,250

Purchases (net of sales tax)                 64,000

 Sales tax is charged at a flat rate of 15%. Eva Co's sales tax account showed an opening credit balance of £4,540 at the beginning of the month and a closing debit balance of £2,720 at the end of the month.

 

What was the total sales tax paid to regulatory authorities during the month of March 20X9?

 

• £6,470.00

• £11,910.00

• £13,162.10

• £14,047.50