Overview of Value-Added Tax (Grade 11 NSC Matric Accounting): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
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Practise the questions
10 questions from this quiz
What does VAT stand for?
What does VAT stand for?
Value-Added Tax
At what annual turnover may a business optionally register for VAT?
At what annual turnover may a business optionally register for VAT?
At least R50,000
At what annual turnover must a business register for VAT?
At what annual turnover must a business register for VAT?
R1,000,000 or more
What is output tax?
What is output tax?
VAT collected when selling goods/services
What is input tax?
What is input tax?
VAT paid when purchasing goods/services
What is the VAT rate in South Africa?
What is the VAT rate in South Africa?
15%
What formula extracts VAT from amounts including VAT?
What formula extracts VAT from amounts including VAT?
How is the amount owed to SARS calculated?
How is the amount owed to SARS calculated?
Output tax - Input tax
Which transaction increases the VAT owed to SARS?
Which transaction increases the VAT owed to SARS?
Discount received from creditors
Which transaction decreases the VAT owed to SARS?
Which transaction decreases the VAT owed to SARS?
Bad debts written off