Page 2 - P6 Slide Taxation - Lecture Day 5 - VAT Part 1
P. 2
Outcomes
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.