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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Credits in the VAT control account

A

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

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

How long till bad debt can be reclaimed

A

6 months

How well did you know this?
1
Not at all
2
3
4
5
Perfectly