Complete the following sentence by writing the missing words

Question

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 A bank account with low interest, from which money may be withdrawn without giving notice is called___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___

Answer 1

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 A bank account with low interest, from which money may be withdrawn without giving notice is called a current account (or checking account in some regions).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.