Light Magic Studios is a full service Photography studio. We go on location to photograph both
teams and individual player portraits on playing fields or at schools. We capture athletes enjoying their
sport in natural lightdoin
students, and which would not otherwise occur. For example, sales of tickets for admission to a school carnival held by parents to
money for such things as art supplies and air conditioners for classrooms are exempt as fund raising events if the car
USED TO DETERMINE WHETHER A WORKER IS AN
EMPLOYEE OR INDEPENDENT CONTRACTOR
Instructions If an individual receives instructions about when, where, and how to
work, what tools or equipment to use, what assistants to hire
AUTHORIZED AND UNAUTHORIZED EXPENDITURES
The following is a partial list of expenditures that are considered to be authorized or
unauthorized by either the State Attorney General or the State Superintendent of Schools. The
list includes only opinions of t
Independent Contractor Checklist
Name of Service Provider:_
The purpose of this checklist is to assist in the determination of employee or independent contractor
status. Federal and State law places the burden of proof on the employer to show that an inde
West Virginia State Tax Department
(Rev. January 2011)
Sales and Use Tax Exemptions
The West Virginia sales and use tax laws contain many exemptions from the tax. This publication provides a brief, general
of sales and use
This account will always be closed off
to the profit and loss account of a Sole
Income received in advance
This document will be used to record a
transaction in the cashbook payments
journal of a business
Credit losses re
Page 1 of 2
31 December 2013
Credit sales (R)
Question 4: Bank Reconciliation
The following information was taken from the books of Gauteng Floors for August and
Table of items appearing on the bank reconciliation statement of Gauteng Floors as at 31 August 2014
Soft drink Inc.
PCV220 Purchase of soft drinks for office function.
Big Foot Magazines
Purchase of magazines for resale purposes.
The Sandwich Cafe PCV221 The owner used petty cash to buy a sandwich for lunch.
Big Foot Magazine
Statement of Financial Position of Multi Sportswear as at 30 September 2014
Property, Plant and Equipment
Available-for-Sale Financial assets
1 223 000.00
1 128 000.00
1 230 900.00
WHEN SALES ARE TAXABLE
One other aspect of taxable sales should be kept in mind. When a taxable sale occurs, the sales tax generally must be
stated separately from the sales price. In some situations, however, such as nonexempt ticket sales, admission fee
Bank loan (payable over 4 years)
Land and buildings
Mortgage loan (payable over 12 years)
a) Calculate the gross profit
Examples of this exemption:
"The Cure" is an organization which raises funds for medical research. The organization has a current registration
certificate from the Department of Tax and Revenue and has received a written ruling from the Tax Commissioner t
Direct Pay Permit - Business entities that qualify for these exemptions may apply to the State Tax Department for issuance
of a Direct Pay Permit. Only those organizations which qualify for one or more of these exemptions will be issued a Direct
5. Are all checks being deposited listed separately on either the deposit slip or on a separate schedule
attached to the deposit?
6. Are the beginning and ending receipt numbers listed on all deposit slips?
Non-sufficient Fund Checks:
1. When deposited ch
business conducted by the Licence Holder, and the ATT will be entitled to rely on
them subject to the terms of this agreement.
Neither the Licence Holder, the CAA nor the ATT may rely on any oral or draft
reports the accountant provides. The acc
1. Are all school records maintained at the school and safeguarded at all times, unless otherwise
directed by the county superintendent or his/her designee?
2. Are the following records maintained at the school and safeguarded at all ti
Have local procedures been established to safeguard the inventory of items purchased for
resale and to ensure that all sales proceeds are receipted and deposited properly?
Is a profit and loss statement prepared periodically?
3. If soft drinks are sold at
In applying for a business registration certificate, each organization must have its own business
registration certificate and identification number; private nonprofit organizations are not to use
the schools registration number.
2-16. Review of Financial
The profit made on a product was R 5 000 and the selling price of the product was R 20 000.
What is the gross margin of this product? (Ignore VAT)
The mark-up % on cost of a product wa
The expenditure of quasi-public funds for meals which are solely for school officials,
administrators, faculty and other personnel (State Superintendent Interpretation of
July 17, 1992)
The use by principals of school general account funds (raised from
check file in numeric order by fiscal year. In situations where a bank is providing only an image
of the canceled checks with the bank statements rather than returning the actual canceled
checks, the bank must be able to provide an image of both the front
be found in Section 60 of the Department's Sales Tax Regulations.
Federal and State Law exempts certain organizations or activities from state sales taxes. These provisions are not found in
sales tax law or legislative rule, but are in the particular
1. Is a copy of the Accounting Procedures Manual for the Public Schools in the State of West Virginia maintained on file?
2. Is a copy of the county board's policy(s) related to school finances maintained on file?
3. Does the prin
Question 2: Matching Columns.
The following information relates to business accounting in general:
Match the items listed in COLUMN B with those listed in COLUMN A. Write down only the letter of your
choice next to the corresponding num
Question 3: Subsidiary Journals: Periodic Inventory System
You are the bookkeeper of Flowers for Africa. The business is a registered VAT vendor and trades only
with registered VAT Vendors that can provide valid tax invoices. The busine
Private nonprofit organizations that meet the requirements set forth in the preceding section for
making tax exempt purchases may also make casual and occasional sales for fund raising
purposes and not be required to collect and remit consumer sales tax o
West Virginia State Tax Department
(Rev. November 2011)
Special Sales And Use Tax Rules For Nonprofit Organizations
Major changes to the consumers sales and service tax and use tax laws affecting nonprofit organizations were enacted by