Page 2 - F6 Slide - Taxation - Lecture Day 4

Outcomes

2

Upon the successful completion of this Study Unit you

should be able to:

 Calculate the VAT payable or refundable for a relevant

tax period;

 List the registration requirements and apply these

requirements to a given set of facts;

 Select the most important definitions in the VAT Act

and motivate the choice/s;

 Explain what accounting bases may be used and explain

which bases to apply for;

 Prepare journal entries to record VAT transactions; and

 Prepare and motivate correcting journal entries to

rectify accounting records.