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
2
Q
Credits in the VAT control account
A
vat on sales
VAT charged on other income
vat on purchase returns
3
Q
How long till bad debt can be reclaimed
A
6 months
4
Q
how many VAT returns are completed using annual account scheme
A
1
5
Q
how many VAT returns are completed using flat rate scheme
A
1 or 4
6
Q
how many VAT returns are completed using cash accounting scheme
A
1 or 4