VAT Calculations (Grade 12 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 is the current VAT rate in South Africa?
What is the current VAT rate in South Africa?
14%
Which formula calculates VAT from a VAT inclusive amount?
Which formula calculates VAT from a VAT inclusive amount?
Total amount
Which formula calculates VAT to add to a VAT exclusive amount?
Which formula calculates VAT to add to a VAT exclusive amount?
Base amount
What is VAT output?
What is VAT output?
VAT charged on sales to customers
What is VAT input?
What is VAT input?
VAT paid on purchases from suppliers
How do you calculate VAT payable to SARS?
How do you calculate VAT payable to SARS?
VAT output - VAT input
A dress costs R285 (VAT inclusive). What is the VAT amount?
A dress costs R285 (VAT inclusive). What is the VAT amount?
R35
Jeans cost R180 (VAT exclusive). What is the VAT amount?
Jeans cost R180 (VAT exclusive). What is the VAT amount?
R25.20
When should you use the 14/114 formula?
When should you use the 14/114 formula?
When VAT is already included in price
When applying mark-up and VAT, what is the correct sequence?
When applying mark-up and VAT, what is the correct sequence?
Apply mark-up to cost, then VAT to SP