a. Briefly explain the nature of value added tax (VAT) and its associated cash flows. b. Describe
Question:
a. Briefly explain the nature of value added tax (VAT) and its associated cash flows.
b. Describe how this affects the items shown in the final financial statements of businesses.
c. What does it mean when a business is classified as:
(i) Zero rated; and
(ii) Exempt for VAT purposes?
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a Value added tax is the result of a government effort to smooth out swings in the price level that ...View the full answer
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Related Book For 
Introduction To Financial Accounting
ISBN: 9781526803009
9th Edition
Authors: Anne Marie Ward, Andrew Thomas
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