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Accounting

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3.2 MULTIPLE-CHOICE QUESTIONS
Each of the following sub-questions contains one statement but with multiple possible answers. Only one of the answers is correct. Read each statement very carefully and then decide which one of the options is the correct one. In your examination script (answer book), write down only the number of the sub-question and next to it the letter that represents the answer you have selected.
Example: If you believe that for sub-question 3.2.3 option C is correct, then write down: 3.2.3 C

3.2.1 VAT paid to suppliers for the purchase of stock is known as _____.
A. input VAT
B. output VAT
C. VAT payable
D. sales tax

3.2.2 VAT is payable to the _____.
A. South African Revenue Service (SARS)
B. South African Reserve Bank (SARB)
C. South African Institute for Tax Practitioners (SAIT)
D. Financial Services Board (FSB)

3.3 Calculate the missing amounts in the table provided. Note that the standard VAT rate is 15%. AMOUNT EXCLUDING VAT AMOUNT VAT R14 500 (a) (c) (d) (e) R1 500 AMOUNT INCLUDING VAT (b) R40 549 (f)