Chapter 4 Flashcards

1
Q

Debits in the VAT control account

A

Vat on purchases
vat on purchases of non-current asset
vat on expenses
vat on sales returns
vat on irrecoverable debts

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2
Q

Credits in the VAT control account

A

vat on sales
VAT charged on other income
vat on purchase returns

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3
Q

How long till bad debt can be reclaimed

A

6 months

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4
Q

how many VAT returns are completed using annual account scheme

A

1

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5
Q

how many VAT returns are completed using flat rate scheme

A

1 or 4

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6
Q

how many VAT returns are completed using cash accounting scheme

A

1 or 4

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