Q10: Describe what information must be included in an official tax invoice of less than $1000 Answer 4
Tax invoices for taxable sales of less than $1,000 must include enough information to clearly determine the following seven details: 1. That the document is intended to be a tax invoice 2. The seller's identity 3. The seller's Australian business number (ABN) 4. The date the invoice was issued 5. A brief description of the items sold, including the quantity (if applicable) and the price 6. The GST amount (if any) payable – this can be shown separately or, if the GST amount is exactly one-eleventh of the total price, as a statement such as 'Total price includes GST' 7. The extent to which each sale on the invoice is a taxable sale (that is, the extent to which each sale includes GST) Q11: Describe what information must be included in an official tax invoice more than $1000 AnswerIn addition to the answer provided in Q10, tax invoices for sales of $1,000 or more need to show: 8. the buyer's identity or ABN Q12: What invoice should be provided on a Purchase Order? Answer Answer Buyers full name and details Preferred shipping method along with your shipping account number, if applicable Preferred method of payment Supplier full name and shipping/billing address, along with a phone number & email address Supplier number The part number, quantity, description and price of the products being purchased Taxes payable PO Number PO Delivery date Signature 5
Q13: What invoice should be provided on a Petty Cash Voucher? Q14: What invoice should be provided on a Bank Statement? Q15: What is a chart of accounts? Q16: Below you are to develop and sample chart of ASSET accounts, ensuring you provide a description of each account. You must include at least 6 different accounts 6
Answer No Account Title To Increase Description 101 Cash Debit Checking account balance (as shown in company records), currency, coins, cheques received from customers but not yet deposited 120 Accounts Receivable Debit Amounts owed to the company for services performed or products sold, but not yet paid 140 Merchandise Inventory Debit Cost of merchandise purchased but has not yet been sold 150 Supplies Debit Cost of supplies that have not yet been used 170 Land Debit Cost to acquire and prepare land for use by the company 175 Buildings Debit Cost to purchase or construct buildings for use by the company 180 Equipment Debit Cost to acquire and prepare equipment for use by the company 185 Accumulated depreciation - Equipment Debit
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