Question: 11. Which statement is incorrect? 1. VAT on goods purchased is input VAT. 2. Input VAT is paid to the South African Revenue Service. 3.
11. Which statement is incorrect?
1. VAT on goods purchased is input VAT.
2. Input VAT is paid to the South African Revenue Service.
3. VAT on goods sold and services rendered, is output VAT.
4. Output VAT is payable to the South African Revenue Service.
5. The balance on the VAT control account indicates the amount that should be paid to or claimed from the South African Revenue Service.
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