The screenshot displayed below shows that when you were creating this particular customer’s account in Sage 50c Pastel Partner, you set the tax code as “03-exempt/non supp (0,00%); what is the implication of such a tax code Group of answer choicesA. This customer is subject to a VAT standard rate of 15%B. This customer is not subject to any VAT tax rateC. This customer is subject to a VAT standard rate of 5%D. This customer is subject to a VAT standard rate of 10%

The FNC Bank has many suppliers and your supervisor has instructed you, as the senior computerized bookkeeper, to accurately capture all supplier details onto the system.When you are working in Sage 50c Pastel Partner creating supplier accounts, you are required to set the “”Default Tax” for every supplier. Which of the following is not an option of the “Default Tax” tab?Group of answer choicesA. No tax type defaultB. Default tax typeC. Force tax typeD. All tax type default

Once you have completed setting up your company parameters in Sage 50c Pastel Partner, one major task you must perform is to create and edit customer categories, sales analysis codes, customer accounts and customer masterfiles. FNC Bank has thousands of customers and as the senior computerized bookkeeper you are required to capture all their details accurately on the system. The screenshot displayed below shows that you set the early terms as “2.5% within 30 days from invoice date”. What is the impact of such terms? Group of answer choicesA. The customer will qualify for a discount of 2.5% if payment is made within 30 days from the invoice dateB. The customer will qualify for a discount of 2.5% if payment is made within 60 days from the invoice dateC. The customer will qualify for a discount of 2.5% if payment is made within 90 days from the invoice dateD. The customer will qualify for a discount of 5% if payment is made within 30 days from the invoice date

Which is exempted from taxation?Sec. 32B of the Tax CodeGroup of answer choicesRetirement benefitsAnnuities

Suppliers of zero-rated goods/services may be registered for VAT, but vendors of exempt supplies may not.Select one:TrueFalse

How many percent does a person pays for the value added tax and who is not a VAT-registered person for his gross quarterly sales or receipts: Provided, that cooperatives shall be exempt from the percent gross receipts tax herein imposed?a.1.7%b.2%c.3%d.1.5%