whether VAT is an asset or liabilities?

Answer Posted / aftab shaikh

Yes, It is effect on both sides, Assets and Liabilities, If
VAT pay against Purchase it will effect on Liabilities and
If Collect against Sales it will effect on Assets.

Is This Answer Correct ?    32 Yes 20 No



Post New Answer       View All Answers


Please Help Members By Posting Answers For Below Questions

i have to finalize a mineral water co. for the year 2014-15 and i want to know that what will be rate of excise duty on sale of mineral water.

1352


What techniques used during an audit?

713


What do you mean by vouching?

704


Whether Advance against property to be included in Loans & Advances while referring to section 185 & 186 of Companies Act, 2013?

1530


What is the mean of decommission liability?

715






promotions of a new apointed auditor in cgda.

1962


what is audit & activities of auditor?

2076


Whats are the importance of evaluating an internal audit department?

690


What is statutory audit?

687


What is audit trail in siebel?

743


What is non statutory audit?

659


Explain the basic principles of an internal audit controlsystem?

676


Explain how to do an internal audit effectively?

679


How I can evaluate the internal control audit?

742


What is caro 2004?

712