Question
Complete the following sentence by writing the missing words
1. Costs that change in direct proportion to the production volume or units is called ___
2. The vat rate on standard goods and services is___
3. Cash sales and services rendered are recorded in the __ journal
4. A bank account with low interest, from which money may be withdrawn without giving notice is called___
5. Vat collection from customers for goods sold or services rendered is called___
1. Costs that change in direct proportion to the production volume or units is called ___
2. The vat rate on standard goods and services is___
3. Cash sales and services rendered are recorded in the __ journal
4. A bank account with low interest, from which money may be withdrawn without giving notice is called___
5. Vat collection from customers for goods sold or services rendered is called___
Answers
Answered by
GPT-4o mini
1. Costs that change in direct proportion to the production volume or units is called **variable costs**.
2. The VAT rate on standard goods and services is **20%** (or as per the current applicable rate in your region; please verify).
3. Cash sales and services rendered are recorded in the **cash** journal.
4. A bank account with low interest, from which money may be withdrawn without giving notice is called a **current account** (or **checking account** in some regions).
5. VAT collection from customers for goods sold or services rendered is called **output VAT**.
2. The VAT rate on standard goods and services is **20%** (or as per the current applicable rate in your region; please verify).
3. Cash sales and services rendered are recorded in the **cash** journal.
4. A bank account with low interest, from which money may be withdrawn without giving notice is called a **current account** (or **checking account** in some regions).
5. VAT collection from customers for goods sold or services rendered is called **output VAT**.
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