Save
Busy. Please wait.
or

show password
Forgot Password?

Don't have an account?  Sign up 
or

Username is available taken
show password

why


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.
We do not share your email address with others. It is only used to allow you to reset your password. For details read our Privacy Policy and Terms of Service.


Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't know
Remaining cards (0)
Know
0:00
share
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

VAT

Value Added Tax

QuestionAnswer
What is output tax? Tax levied on the delivery of goods and services by a business.
What is input tax? Tax on the delivery and goods and services to the business or imports made by the business.
What are the two types of deliveries on VAT rate? 1. Taxable delivery at a standard rate (14%) or o% (zero rate delivery). 2. Exempted rate delivery.
Give examples of zero-rate delivery products? 1. Fuel and Oil 2. Brown Bread 3. Graded maize meal for human consumption 4. Goods used for agriculture. 5. Transport of passengers on international flights.
What are examples of exempted deliveries? 1. The delivery of financial services 2. The delivery of housing in a house. 3. The transport of passengers by road or rail. 4. The delivery of educational services. 5. Trade Union member contributions.
How often must VAT returns be handed in? Every 2nd month.
Which Government body regulates and collects VAT? South African Revenue Services (SARS)
To what ledger accounts is VAT entered into? 1. VAT input (purchases) 2. VAT output (sales)
When the difference between the debit and credit balance of VAT control is a credit, what happens to the difference? The difference is payable to SARS (current liability)
When the difference between the debit and credit balance of VAT control is a debit, what happens to the difference? The difference is refundable by SARS (current asset).
What are the two accounting bases that are allowed for the calculation of VAT liability? 1. Invoice basis 2. Payment basis
According to the invoice basis, tax is accounted for at the: 1. issuing of the invoice 2. receipt of the payment, whichever happens first.
According the payment basis , tax is accounted for when: 1. payments are made (purchases) 2. payments received (sales)
 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!

"Know" box contains:
Time elapsed:
Retries:
restart all cards