Module 17: Sales tax and VAT concepts
Collecting, recording, and remitting tax using fictional rates.
1. Sales tax basics
Collect sales tax on sales and record it as a liability, using fictional rates and jurisdictions.
About 8 minutes · 2 practice sets · Pro practice
2. Remitting sales tax
Pay collected tax to the authority and reconcile the liability account.
About 8 minutes · 2 practice sets · Pro practice
3. Tax on purchases
When tax paid on purchases is part of cost, and when it can be reclaimed — with stated fictional rules.
About 8 minutes · 2 practice sets · Pro practice
4. VAT concepts
Output VAT, input VAT, and net VAT payable using a fictional 20% rate.
About 8 minutes · 2 practice sets · Pro practice