FAC1501 QUIZ QUESTIONS WITH CORRECT ANSWERS

FAC1501 QUIZ QUESTIONS WITH CORRECT ANSWERS Source Document - ANSWERS Proof that a transaction occurred Cash Transactions effect? - ANSWERS Bank Account, Petty Cash and or Cash Float Business Transaction - ANSWERS a record of a large number of transactions an entity is engaged in . Business Document Details - ANSWERS Date, amount, type of transaction and with whom Internal source document - ANSWERS documents prepared by an entity to record transactions with external clients. Source documents are drawn up in... - ANSWERS Duplicates (Internal Source Document) ... is given to the clients and ... is kept by the entity. - ANSWERS Original - Duplicate Cash Register Roll (Internal/External Source Document) - ANSWERS Internal Source Document Duplicate Cash Sales Invoice (Internal/External Source Document) - ANSWERS Internal Source Document Duplicate Receipts (Internal/External Source Document) - ANSWERS Internal Source Document Cheque Counterfoils (Internal/External Source Document) - ANSWERS Internal Source Document Petty Cash Vouchers (Internal/External Source Document) - ANSWERS Internal Source Document Duplicate Bank Deposit Slips (Internal/External Source Document) - ANSWERS Internal Source Document Internet Banking: Notice of Payment (Internal/External Source Document) - ANSWERS Internal Source Document Signed Credit Card Slip (Internal/External Source Document) - ANSWERS Internal Source Document External Source Documents also know as- - ANSWERS Supporting Documents External Source Documents are prepared by... - ANSWERS the other party and received as proof of payment. External Source Documents are usually - ANSWERS originals Original Cash Purchases Invoices (Internal/External Source Document) - ANSWERS External Source Documents Original Slips (Internal/External Source Document) - ANSWERS External Source Documents Cheques (Internal/External Source Document) - ANSWERS External Source Documents Cash Slips (Internal/External Source Document) - ANSWERS External Source Documents What must be determined when opening a bank account. - ANSWERS persons who are authorized to sign cheques issued by an entity. Who requires a sample of signatures before opening a bank account for an entity? - ANSWERS The Bank VAT - ANSWERS value added tax When is it compulsory to register as a vendor? - ANSWERS Total value of his taxable supplies exceeds R 1 000 000 for a 12 month period. Who needs to register as a Vat vendor? - ANSWERS the owner Tax Period - ANSWERS How often a tax return must be completed and submitted to SARS Category A - Vendor Period - ANSWERS Periods of 2 months beginning with January Category A - Vendor Taxable Supplies must not exceed - ANSWERS R 30 Million Category A - Vendor Taxable Supplies (Farmers) Exceed... - ANSWERS R 1.5 Million Category B - Vendor Tax Period - ANSWERS 2 Months beginning with February Category B - Vendor Taxable Supplies not exceeding - ANSWERS R 30 Million Category B - Vendor Taxable Supplies (Farmer) exceeding - ANSWERS R 1.5 Million Category C - Vendors Tax Period - ANSWERS One month Category C - Vendors Taxable Supplies exceed - ANSWERS R 30 million Category D - Vendors Tax Period - ANSWERS 6 Months beginning with February Category D - Vendors Taxable Supplies not exceeding - ANSWERS R 1.5 million VAT - ANSWERS value added tax VAT Definition - ANSWERS tax levied on goods or services