Financial documents

the amount of money that is owed by the client

• debit

• credit

• credit balance

• tariff

the rate charged in Rands, per measuring unit for a service

• VAT

• ratio

• rate

• tariff

VAT is 15%

• True
• False

the amount paid on a previous account was more than the money owed, therefor there is a surplus amount of money in the account

• debit balance

• credit balance

• credit

• debit

a receipt which serves as proof of payment for goods purchased

• fun slip

• account statement

• till slip

• invoice

How do we know if VAT is not charged on certain items

• #

• *

• !

• &

Amount owed at the beginning of a period

• Debit

• Credit

• Opening balance

• Closing balance

What is the purpose of a tax invoice?

• To record a transaction

• To show the total amount owed

• To calculate VAT

• To provide proof of payment

Which of the following is a common method of calculating VAT?

• Variable rate

• Flat rate

• Progressive rate

• Fixed amount

What does a negative balance indicate in an account?

• Zero balance

• Surplus funds

• Debt owed

• Credit available