VAT Control Account (Grade 12 NSC Matric Accounting): Quizzes
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10 questions from this quiz
What is the VAT Control Account?
What is the VAT Control Account?
A summary account combining Input & Output VAT
What does a debit balance in the VAT Control Account mean?
What does a debit balance in the VAT Control Account mean?
SARS owes the business money
What does a credit balance in the VAT Control Account mean?
What does a credit balance in the VAT Control Account mean?
The business owes money to SARS
How is a debit balance in VAT Control shown on the balance sheet?
How is a debit balance in VAT Control shown on the balance sheet?
As a current asset
How is a credit balance in VAT Control shown on the balance sheet?
How is a credit balance in VAT Control shown on the balance sheet?
As a current liability
Which entry appears on the debit side of VAT Control Account?
Which entry appears on the debit side of VAT Control Account?
Bad debts
Which entry appears on the credit side of VAT Control Account?
Which entry appears on the credit side of VAT Control Account?
Drawings
Where do all Input VAT entries transfer in VAT Control Account?
Where do all Input VAT entries transfer in VAT Control Account?
To the debit side
Where do all Output VAT entries transfer in VAT Control Account?
Where do all Output VAT entries transfer in VAT Control Account?
To the credit side
When does a debit balance occur in the VAT Control Account?
When does a debit balance occur in the VAT Control Account?
When Input VAT > Output VAT