VAT Nominal Account Codes Quiz

Which VAT nominal account code is used for VAT on Purchases?

• 2200

• 2201

• 2202

• 2205

Which account code is used for VAT Liability?

• 2200

• 2201

• 2202

• 2205

Which VAT nominal account code is associated with VAT Liability?

• 2200

• 2201

• 2202

• 2205

In the example provided, what is the total amount of the purchase invoice including VAT?

• 100

• 120

• 80

• 150

What is the amount debited to the 'VAT on Purchases' account?

• 100.00

• 20.00

• 120.00

• 50.00

What happens to the VAT amount when you enter a VAT-applicable sales invoice?

• It is posted against the Trade Debtors account.

• It is posted against the Other Income account.

• It is posted against the VAT on Sales – Holding Account.

• It is posted against the Credit account.

In the example provided, what is the debit amount for Trade Debtors?

• 100.00

• 120.00

• 20.00

• 0.00

In the example provided, what is the credit amount for Other Income?

• 120.00

• 20.00

• 100.00

• 0.00

What is the credit amount for VAT on Sales – Holding Account in the example?

• 120.00

• 100.00

• 20.00

• 0.00

What happens when you run a VAT return?

• Transfer transactions are included.

• All transactions are ignored.

• Only cash transactions are included.

• Only credit transactions are included.