Which of the following is INCORRECT regarding Value Added Tax (VAT)? Select one: O A. It is an indirect tax OB. All entities in Fiji must be registered for VAT O C. It is charged on the final consumer OD. It is a form of government revenue Which of the following is a benefit of data visualization? Select one: O A. Can be manipulated through visual distortions B. Costly for small organisations C. Less detailed than reports D. Can present large and complex data in a visually appealing and easily understandable manner Which of the following are the correct options when recording cash received as income, other than from the issuing of an invoice in MYOB? I. Receive Money' window from the Banking Command Center II. "Bank Register window from the Banking Command Center III. Receive Payment' from the Sales Command Center Select one: O A. I & II only OB. I only C. I,II and III OD. I & III only 202001 SECTION A Which of the following options in the inventory setup would I select if I were using a periodic inventory system? I. I buy this item II. I inventory this item I sell this item TII Select one: O A. I,II and III OB. I & II only O C. I only OD. I & III only Most 6 Which of the following is the CORRECT sequence to receive payment for customers' invoices in MYOB? ut of ged Select one: O A. Sales Command Center ------ Pay Bills------Group with Electronic Payments B. Sales Command Center Receive Payment Group with Undeposited Funds OC. Sales Command Center ------ Pay Bills ----Group with Undeposited Funds O D. Banking Command Center ---- Receive Money Group with Undeposited Funds _202001 SECTION A MULTIPL... Which of the following is the most CORRECT with regards to credit limits? Select one: O A. The credit limit for Cash Sales and Cash Purchases is usually set to zero O B. MYOB does not allow credit limits to be changed for customers and suppliers O C. MYOB will prevent a transaction from being recorded if it exceeds the credit limit O D. MYOB will set credit limits based on 5% of the customers opening balances Next page Under what condition is a Special Bank Reconciliation performed. Select one: O A. When there is a change in accounting system to MYOB B. When there is a change in auditors O C. When there is a change in windows operating system O D. When there is a change in financial year Next page page Which of the following is the formula that minimizes total inventory holding costs and ordering costs? Select one: O A. Economic Order Quantity B. Inventory Management Formula O C. Economic Quantity Order O D. Just in Time Next page page Which one of the following information is not included in the fixed asset records during the asset continuance phase? Select one: A. repair of improvement cost B. market value of asset C. asset cost D. estimated life Clear my choice Next page For which of the following accounts would you set the tax code to VAT? Select one: O A. Payroll Accruals Payable B. Improvements at Cost O C. Inventory OD. Motor Vehicle Clear my choice Next page ge Section B&C Submission
