
POBC: THE VAT CONTROL ACCOUNT
Authored by Deborah Crookes
Other
Professional Development
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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
OUTPUT TAX IS:
VAT ON SALES
TAX ON PROFIT
VAT ON PURCHASES
TAX ON SALARIES
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A CREDIT BALANCE ON THE VAT ACCOUNT REPRESENTS:
A LIABILITY - VAT OWED TO HMRC
INCOME - VAT REFUND DUE
AN ERROR ON THE VAT ACCOUNT
ASSET - VAT REFUND DUE
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
INPUT TAX IS:
VAT ON CLOTHING
VAT ON FOOD
VAT ON PURCHASES
VAT ON SALES
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A DEBIT BALANCE ON THE VAT CONTROL ACCOUNT REPRESENTS:
A PAYMENT TO HMRC IS DUE
VAT HAS BEEN UNDERPAID
AN ERROR HAS BEEN MADE
A VAT REFUND IS DUE
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
HOW OFTEN IS VAT USUALLY PAID
MONTHLY
QUARTERLY
ANNUALLY
WEEKLY
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
THE DOUBLE ENTRY WHEN A VAT REFUND IS RECEIVED IS:
CREDIT BANK
DEBIT VAT CONTROL
CREDIT VAT CONTROL
DEBIT SALES
DEBIT BANK
CREDIT PURCHASES
DEBIT BANK
CREDIT VAT CONTROL
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
YOU HAVE TO BE VAT REGISTERED TO CHARGE VAT ON SALES AND TO RECLAIM VAT ON PURCHASES
TRUE
FALSE
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