VIP GROUP REGISTRATION IS STILL ONGOING ✅
1. (a) Distinguish between reserves and provisions
(b) Explain the following giving one example in each case:
(i) Depreciation;
(ii) Depletion;
(iii) Amortization.
2. (a) What is value added tax?
(b) Distinguish between input vat and output vat.
(c) State four features of Value Added Tax.
3. Explain the following terms as they are used in contract accounts:
(a) Notional profit;
(b) Retention money;
(c) Progress payments;
(d) Work certified;
(e) Work-in-progress.
0256711420
0256711420