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VAT is a tax on
a.
Purchases
b.
Sales
c.
Goods and Services
d.
Consumption
The error where the correct amount is recorded but in the wrong account is known as
a.
error of commission
b.
error of omission
c.
error of principle
d.
error of original entry
If gross sales is $3,600 and net sales is $3,000, what is the VAT percentage?
a.
17%
b.
10%
c.
15%
d.
20%
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