Chapter 2

Question 1

VAT invoice must show

Answer 1

An invoice number
seller name and address
sellers vat number
invoice date
time of supply
customer name
description of goods
unit price

Question 2

what is a VAT receipt?

Answer 2

a receipt to claim vat

Question 3

What is electronic data interchange?

Answer 3

EDI is where data can flow to receivers computer and be processed immediately

Question 4

What is a pro forma invoice

Answer 4

used for businesses that require payment before delivery

Question 5

What is postponed VAT accounting

Answer 5

when the business declares the VAT and reclaims it on the same return.