Accounts Class 5

Are all business required to registered for VAT

• Yes

• No

Which is NOT a VAT rate?

• 9%

• 13.5%

• 17%

• 23%

What is the standard rate of VAT in Ireland?

• 13.5%

• 20%

• 23%

What is NOT created from the Trial Balance

• Profit & Loss

• Cashflow

• Balance Sheet

What is in the first section of the Profit & Loss Account?

• Sales

• Cost of Sales

• Indirect Expenses

What is the last line item in the Profit & Loss Account

• Gross Profit

• Net Profit