Accounting knowledge - Grade 12

Which item will not be regarded as a Zero rated item.

• Bread

• Fruit and Vegitables

• Milk and milk products

• Meat

Who will be liable for the full amount of VAT?

• Consumer

• Business

• Government

• Producer

Which item from the list will be exempt of VAT?

• Bread

• School fees

• Sanitary towls

• Electricity

VAT stands for

• Very Autocratic Triangle

• Virtual Appliance technology

• Very Artistic Teacher

• Value Added Tax

VAT is a tax on

• Income

• Company profit

• Death

• Spending

When completing a VAT return the following supplies are included:

• Exempt supplies

• Standard rate supplies

• Out-with the scope supplies

• Zero-rated supplies

A trader who sells zero rated goods is still able to reclaim input tax suffered when calculating his liability?

• True

• False

GAAP stands for

• Generally Acccute Accounting Principles

• Generally Accepted Algebra Purposes

• Generally Accepted Accounting Principles

IFRS stands for

Employee tax that is paid to SARS is called...