Chapter 4

Question 1

Debits in the VAT control account

Answer 1

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

Question 2

Credits in the VAT control account

Answer 2

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

Question 3

How long till bad debt can be reclaimed

Answer 3

6 months

Question 4

how many VAT returns are completed using annual account scheme

Answer 4

1

Question 5

how many VAT returns are completed using flat rate scheme

Answer 5

1 or 4

Question 6

how many VAT returns are completed using cash accounting scheme

Answer 6

1 or 4