WorksheetsTalaseed - Tax
Total questions: 7
Worksheet time: 75secs
this is a tax compliance method utilized by governments to ensure that taxes are remitted properly.
VAT
Income Tax
Corporate Tax
Withholding Tax
It occurs when a government or other authority requires that a fee be paid by citizens and corporations, to that authority.
Withholding Tax
Taxation
Vaccination
VAT
What is GST stands for?
General and Selling Tax
Goods and Sales Tax
Goods and Services Tax
Goods and Selling Tax
Is added to a product at every point of the supply chain where value is added to it
Value Added Activity Tax
Withholding Tax
Taxation
Value Added Tax
Impact of not withholding
It saves time and money
additional cost - could be legal and professional fees
it benefits government
shows good reputation to the business
True or False: USA has VAT
True
False
Journal Entry in recording invoice with VAT and W/Tax
Dr Expense/Asset
Dr W/Tax
Cr AP
CR VAT
Dr AP
Dr VAT
Cr Expense
Cr W/Tax
Dr Expense/Asset
Dr VAT
Cr W/Tax
Cr AP
Dr Sales
Dr AP
Cr Wtax
Cr VAT
