Refer to the Exhibit.

A company which is not VAT-registered received an invoice for vehicle repairs of $650 excluding VAT. The rate of VAT on the invoice was 17.5%.
Which of the following ledger entries to record the invoice are correct?
The correct ledger entries are.

• A.B
• B.C
• C.A
• D.D

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Which of the following is the correct double entry for a prepayment?

• A.Debit expense Credit prepayment (current liability)
• B.Debit expense Credit prepayment (current asset)
• C.Debit prepayment (current asset) Credit expense
• D.Debit prepayment (current liability) Credit expense

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There are many types of fraud that can happen within a business. On example could be the theft of cash, concealing the theft by delaying banking or by making up the shortage from other sources.
What is this type of fraud called?

• A.Collusion
• B.Theft
• C.Teeming and Lading
• D.Ghost employee

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Which THREE of the following are improved by the use of accounting standards?

• A.Position
• B.Fair presentation
• C.Cash flow
• D.Consistency
• E.Performance
• F.Comparability

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Strategic management deals with which ONE of the following;

• A.Day-to-day running of the business
• B.Short-term plans for the business such as meeting targets
• C.Long-term plans for the business

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