General revision for Business Environment

Which of these is not a principle of an effective tax system

• fairness

• certainty

• equity

• transparency

• timely

Equity is one of the principles of an effective tax system, what does this term mean?

• Equity is the principle that taxes should be based solely on property ownership.
• Equity means that everyone pays the same amount of tax regardless of income.
• Equity means individuals or businesses who have the same income levels are treated equally

• Equity refers to the total amount of taxes collected by the government.

Which complementary close is best practice if the letter/email starts with Dear Sir

• All the best

• Yours faithfully

• Regards

• Yours sincerely

Reorder the following relating to report writing, 1 being first in the list

• Title Page

• Executive Summary

• Introduction

• Findings

• Conclusions and Recommendations

What are the 3 accounts used in a journal to write off an irrecoverable customer debt in the General Ledger

• Irrecoverable Debts, VAT, Receivables Ledger

• General Expenses, VAT, Suppliers Ledger

• Irrecoverable Debts, VAT, Revenue

The journal to write off a customer bad debt is ​ (a)   irrecoverable debts​ (b)   VAT and ​ (c)   Receivables Ledger​

• debit
• credit

Match the following risk

• Financial risk

• Tax rates increased

• Operational risk

• Computer systems hacked

• Political and economic uncertainty

• Bad reviews on social media

• Reputational risk

• Cost of software subscriptions