FAC1501 Correctly answered Questions Revised and Graded Excellent

FAC1501 Correctly answered Questions Revised and

Graded Excellent

(Internal Source Document) ... is given to the clients and ... is kept by the entity. - CORRECT

ANSWER ✔✔ -Original - Diplicate


A _________ is issued by a _________ vendor when delivering supplies to the clients, -

CORRECT ANSWER ✔✔ -Tax Invoice


Registered


Abridged Tax Invoice contains: - CORRECT ANSWER ✔✔ -- the word Tax Invoice


- Name, Address & VAT Registration no.

- Serial No.

- Date of issue

- Description of goods & services.

- Value of Supplies

- Amount of Tax charged

- Tax charged amount & percentage / rate

At the end of the month the VAT Input and Vat Output account is closed of to the - CORRECT

ANSWER ✔✔ -VAT Control Account

, Bought a toolbox for company use: (What is credited & debited) - CORRECT ANSWER ✔✔ -

Tool & Equiptment (an asset) increases - Debited

Bank (an asset) decreases - Credited


Business Document Details - CORRECT ANSWER ✔✔ -Date, amount, type of transaction and

with whom


Business Transaction - CORRECT ANSWER ✔✔ -a record of a large number of transactions an

entity is engaged in .


Can *Input Tax / Output Tax* be claims on Zero-Rated Supplies - CORRECT ANSWER ✔✔ -

Input Tax


Cash Register Roll (Internal/External Source Document) - CORRECT ANSWER ✔✔ -Internal

Source Document


Cash Slips (Internal/External Source Document) - CORRECT ANSWER ✔✔ -External Source

Documents


Cash Transactions effect? - CORRECT ANSWER ✔✔ -Bank Account, Petty Cash and or Cash

Float


Category A - Vendor Period - CORRECT ANSWER ✔✔ -Periods of 2 months beginning with

January


Category A - Vendor Taxable Supplies (Farmers) Exceed... - CORRECT ANSWER ✔✔ -R 1.5

Million