• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
Free ACCA & CIMA online courses from OpenTuition

Free ACCA & CIMA online courses from OpenTuition

Free Notes, Lectures, Tests and Forums for ACCA and CIMA exams

  • ACCA
  • CIMA
  • FIA
  • OBU
  • Books
  • Forums
  • Search
  • Register
  • Login
  • ACCA Forums
  • Ask ACCA Tutor
  • CIMA Forums
  • Ask CIMA Tutor
  • FIA
  • OBU
  • Buy/Sell Books
  • All Forums
  • Latest Topics

Congratulations to Jamil from Pakistan and Jeeva from Malaysia - Global Prize winners!
see all ACCA December 2022 Genius Hunt Competition winners >>

Specially for OpenTuition students: 20% off BPP Books for ACCA & CIMA exams – Get your BPP Discount Code >>

Kaplan Exercise

Forums › ACCA Forums › ACCA FA Financial Accounting Forums › Kaplan Exercise

  • This topic has 1 reply, 2 voices, and was last updated 1 year ago by John Moffat.
Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • January 24, 2022 at 2:34 pm #647372
    Harmeet93s
    Member
    • Topics: 2
    • Replies: 0
    • ☆

    Valerie’s business is registered for sales tax purposes. During the quarter ending 31 March 20X6, she made the following sales, all of which were subject to sales tax at 17.5%:
    $10,000 excluding sales tax
    $7,402 including sales tax
    $6,745 excluding sales tax
    $11,632 including sales tax.
    She also made the following purchases all of which were subject to
    sales tax at 17.5%:
    $15,000 excluding sales tax
    $12,455 including sales tax
    $11,338 including sales tax
    $9,870 including sales tax.
    What was the balance on the sales tax account as at 31 March
    20X6?
    A $7,639 Dr
    B $1,875 Dr
    C $7,639 Cr
    D $1,875 Cr

    This is an exercise from the Kaplan book chapter 5 Returns, discounts and sales tax. I was a bit destabilised after that. Are the exam questions as difficult? Is it normal that this exercise is difficult for me?

    January 24, 2022 at 3:25 pm #647382
    John Moffat
    Keymaster
    • Topics: 56
    • Replies: 51573
    • ☆☆☆☆☆

    Although everything needed to be able to answer this question is examinable, questions in the exam are only 2 marks each and so this is really a little bit too long a question to be asked in the exam.

    Most important is to practice all of the questions in the Exam Kit because they are all exam standard. If you are watching my free lectures then you do not really need the Study Text because the lectures are a complete free course and cover everything needed to be able to pass the exam (including, obviously, everything needed to be able to deal with sales tax). However, you still do need the Exam Kit, because practice at exam standard questions is essential to passing the exam.

  • Author
    Posts
Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.
Log In

Primary Sidebar

ACCA News:

 

ACCA My Exam Performance for non-variant Applied Skills exams is available NOW

NEW! Download the ACCA Pass Guide

FREE Verifiable CPD for ACCA Members

ACCA mock exams and debrief videos

ACCA Options:  “Read the Mind of the Marker” articles

Subscribe to ACCA’s Student Accountant Direct

Donate

If you have benefited from OpenTuition please donate.

ACCA CBE 2023 Exams

Instant Poll * How was your exam, and what was the result?

BT CBE exam was.. | MA CBE exam was..
FA CBE exam was.. | LW CBE exam was..

Specially for OpenTuition students

20% off BPP Books

Get BPP Discount Code

Latest comments

  • John Moffat on FA Chapter 6 Questions Depreciation
  • John Moffat on PM Chapter 7 Questions Pricing
  • Amalsudheesh on FA Chapter 6 Questions Depreciation
  • roshpatel on PM Chapter 7 Questions Pricing
  • John Moffat on Inventory Control (part 2) Quantity Discounts – ACCA Management Accounting (MA)

Copyright © 2023 · Support · Contact · Advertising · OpenLicense · About · Sitemap · Comments · Log in


We use cookies to show you relevant advertising, find out more: Privacy Policy · Cookie Policy