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Financia file:///C:/Users/User/Desktop/GENERIC%20-%201%20-%20Financia19620Reporting 20and 1620Analysis9.2017 %20of%20Fin%20A).pdf QUESTION zu marks) REQUIRED For each of the questions below write down only the letter of the most approprio answer eg 111 C. Note: Calculations must not be shown in your answer book. 1.1 Which one of the following statements about VAT is false? The amount payable to SARS is equal to output VAT minus input VAT. B The calculation of tax liability may be done on either the invoice basis of payment basis. C Zero-rates supplies refer to taxable outputs that are taxed at a rate of 09 D Input VAT is VAT charged by a vendor on goods and services supplied by the business, (1 mark) 12 is the measure of the profit or loss that an enterprise has made over a certain period of time Financial result . Financial position Financial period Financial condition D (1 mark) 13 are credited to reflect a deca Expenses and bites A B Assets and expenses Assets and income