Annual Accounting Scheme: Definition, Exceptions & Taxation


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What is one of the main Annual Accounting Schemes?

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1. The VAT tax is a tax added to each _____?

2. What is an advantage of the VAT tax?

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About This Quiz & Worksheet

Use the worksheet and quiz to see what you know about the annual accounting scheme. You'll need to understand the VAT tax for the quiz.

Quiz & Worksheet Goals

Take the quiz to check your understanding of:

  • An advantage of the VAT tax
  • Adverse effect of a VAT tax
  • Picking out one of the main annual accounting schemes from a given list
  • How the VAT tax works

Skills Practiced

  • Knowledge application - use your knowledge to answer questions about advantages and disadvantages of the VAT tax
  • Reading comprehension - ensure that you draw the most important information from the lesson on the annual accounting scheme
  • Information recall - access the knowledge you have gained about what the VAT tax is added to

Additional Learning

Keep learning by using the lesson called Annual Accounting Scheme: Definition, Exceptions & Taxation. Some goals you can complete any time include:

  • Understand what VAT stands for
  • Determine how a VAT tax affects a company
  • Identify VAT tax exceptions