Goods – NBC Institute

TAX – Nov 2021 – L2 – Q6 – Value Added Tax (VAT)

Explanation of when goods and services are deemed to be supplied in Nigeria according to section 2 of the VAT Act.

Question

Taxable supplies of goods and services are those listed under the First Schedule of
the Value Added Tax Act Cap VI for 2004 (as amended). Essentially, these are goods
and services liable to value added tax at the prescribed rate.
Required:
Explain when goods and services shall be deemed to be supplied in Nigeria in
accordance with section 2 of VAT Act (as amended).

Answer

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Tags: Goods, Nigeria, Services, Supply, VAT
Level: Level 2

Topic: Value-Added Tax (VAT)
Series: NOV 2021

BL – Nov 2012 – L1 – SA – Q10 – Sale of Goods

Identify the type of goods subject to a contract of sale.

Question

Goods which may be subject matter of a contract of sale of goods may be either existing goods or

Answer

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Tags: Contracts, Future Goods, Goods
Level: Level 1

Topic: Sale of Goods
Series: NOV 2012

TAX – May 2018 – L2 – Q7 – Value Added Tax (VAT)

List goods and services exempted from VAT.

Question

a) State THREE goods and THREE services exempted from VAT.

b) Explain THREE differences between Value Added Tax (VAT) and Withholding Tax. (6 Marks)

Answer

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Tags: Goods, Services, VAT Exemptions
Level: Level 2

Topic: Value-Added Tax (VAT)
Series: MAY 2018

FA – May 2016 – L1 – SA – Q14 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

A question regarding the meaning of purchases in accounting.

Question

Purchases in accounting refer to goods bought for:
A. Repairs
B. Owners’ use
C. Resale
D. Office use
E. Permanent use

Answer

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Tags: Goods, Purchases, Resale
Level: Level 1

PT – Mar 2024 – L2 – Q5a – Value-Added Tax (VAT), Customs, and Excise Duties

Explain what is meant by Goods, Works, and Services according to the Income Tax Act.

Question

Persons making payments for the supply of goods, works, and services are required by the provision of the Income Tax Act, 2015 (Act 896) to withhold taxes on the gross amount at various rates and pay the same to the Commissioner-General.

Required:
In reference to the above statement, explain what Goods, Works, and Services are.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Goods, Income Tax Act, Services, VAT, Works
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: MAR 2024

BCL – Nov 2016 – L1 – Q3b – Contract Law

Explain the legal terms: Capacity, Acceptance, Misrepresentation, Goods, Quantum Meruit.

Question

Explain the following terms as used in the legal business environment:
i) Capacity
ii) Acceptance
iii) Misrepresentation
iv) Goods
v) Quantum Meruit

Answer

Find Related Questions by Tags, levels, etc.

Tags: Acceptance, Capacity, Goods, Legal Definitions, Misrepresentation, Quantum Meruit
Level: Level 1

Topic: Contract Law
Series: NOV 2016

TAX – Nov 2021 – L2 – Q6 – Value Added Tax (VAT)

Explanation of when goods and services are deemed to be supplied in Nigeria according to section 2 of the VAT Act.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Goods, Nigeria, Services, Supply, VAT
Level: Level 2

Topic: Value-Added Tax (VAT)
Series: NOV 2021

BL – Nov 2012 – L1 – SA – Q10 – Sale of Goods

Identify the type of goods subject to a contract of sale.

Question

Goods which may be subject matter of a contract of sale of goods may be either existing goods or

Answer

Find Related Questions by Tags, levels, etc.

Tags: Contracts, Future Goods, Goods
Level: Level 1

Topic: Sale of Goods
Series: NOV 2012

TAX – May 2018 – L2 – Q7 – Value Added Tax (VAT)

List goods and services exempted from VAT.

Question

a) State THREE goods and THREE services exempted from VAT.

b) Explain THREE differences between Value Added Tax (VAT) and Withholding Tax. (6 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Goods, Services, VAT Exemptions
Level: Level 2

Topic: Value-Added Tax (VAT)
Series: MAY 2018

FA – May 2016 – L1 – SA – Q14 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

A question regarding the meaning of purchases in accounting.

Question

Purchases in accounting refer to goods bought for:
A. Repairs
B. Owners’ use
C. Resale
D. Office use
E. Permanent use

Answer

Find Related Questions by Tags, levels, etc.

Tags: Goods, Purchases, Resale
Level: Level 1

PT – Mar 2024 – L2 – Q5a – Value-Added Tax (VAT), Customs, and Excise Duties

Explain what is meant by Goods, Works, and Services according to the Income Tax Act.

Question

Required:
In reference to the above statement, explain what Goods, Works, and Services are.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Goods, Income Tax Act, Services, VAT, Works
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: MAR 2024

BCL – Nov 2016 – L1 – Q3b – Contract Law

Explain the legal terms: Capacity, Acceptance, Misrepresentation, Goods, Quantum Meruit.

Question

Explain the following terms as used in the legal business environment:
i) Capacity
ii) Acceptance
iii) Misrepresentation
iv) Goods
v) Quantum Meruit

Answer

Find Related Questions by Tags, levels, etc.

Tags: Acceptance, Capacity, Goods, Legal Definitions, Misrepresentation, Quantum Meruit
Level: Level 1

Topic: Contract Law
Series: NOV 2016

Question Tag: Goods

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TAX – Nov 2021 – L2 – Q6 – Value Added Tax (VAT)

Explanation of when goods and services are deemed to be supplied in Nigeria according to section 2 of the VAT Act.

BL – Nov 2012 – L1 – SA – Q10 – Sale of Goods

Identify the type of goods subject to a contract of sale.

TAX – May 2018 – L2 – Q7 – Value Added Tax (VAT)

List goods and services exempted from VAT.

FA – May 2016 – L1 – SA – Q14 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

A question regarding the meaning of purchases in accounting.

PT – Mar 2024 – L2 – Q5a – Value-Added Tax (VAT), Customs, and Excise Duties

Explain what is meant by Goods, Works, and Services according to the Income Tax Act.

BCL – Nov 2016 – L1 – Q3b – Contract Law

Explain the legal terms: Capacity, Acceptance, Misrepresentation, Goods, Quantum Meruit.

TAX – Nov 2021 – L2 – Q6 – Value Added Tax (VAT)

Explanation of when goods and services are deemed to be supplied in Nigeria according to section 2 of the VAT Act.

BL – Nov 2012 – L1 – SA – Q10 – Sale of Goods

Identify the type of goods subject to a contract of sale.

TAX – May 2018 – L2 – Q7 – Value Added Tax (VAT)

List goods and services exempted from VAT.

FA – May 2016 – L1 – SA – Q14 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

A question regarding the meaning of purchases in accounting.

PT – Mar 2024 – L2 – Q5a – Value-Added Tax (VAT), Customs, and Excise Duties

Explain what is meant by Goods, Works, and Services according to the Income Tax Act.

BCL – Nov 2016 – L1 – Q3b – Contract Law

Explain the legal terms: Capacity, Acceptance, Misrepresentation, Goods, Quantum Meruit.

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TAX – Nov 2021 – L2 – Q6 – Value Added Tax (VAT)

Explanation of when goods and services are deemed to be supplied in Nigeria according to section 2 of the VAT Act.

You're reporting an error for "TAX – Nov 2021 – L2 – Q6 – Value Added Tax (VAT)"

BL – Nov 2012 – L1 – SA – Q10 – Sale of Goods

Identify the type of goods subject to a contract of sale.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q10 – Sale of Goods"

TAX – May 2018 – L2 – Q7 – Value Added Tax (VAT)

List goods and services exempted from VAT.

You're reporting an error for "TAX – May 2018 – L2 – Q7 – Value Added Tax (VAT)"

FA – May 2016 – L1 – SA – Q14 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

A question regarding the meaning of purchases in accounting.

You're reporting an error for "FA – May 2016 – L1 – SA – Q14 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

PT – Mar 2024 – L2 – Q5a – Value-Added Tax (VAT), Customs, and Excise Duties

Explain what is meant by Goods, Works, and Services according to the Income Tax Act.

You're reporting an error for "PT – Mar 2024 – L2 – Q5a – Value-Added Tax (VAT), Customs, and Excise Duties"

BCL – Nov 2016 – L1 – Q3b – Contract Law

Explain the legal terms: Capacity, Acceptance, Misrepresentation, Goods, Quantum Meruit.

You're reporting an error for "BCL – Nov 2016 – L1 – Q3b – Contract Law"

TAX – Nov 2021 – L2 – Q6 – Value Added Tax (VAT)

Explanation of when goods and services are deemed to be supplied in Nigeria according to section 2 of the VAT Act.

You're reporting an error for "TAX – Nov 2021 – L2 – Q6 – Value Added Tax (VAT)"

BL – Nov 2012 – L1 – SA – Q10 – Sale of Goods

Identify the type of goods subject to a contract of sale.

You're reporting an error for "BL – Nov 2012 – L1 – SA – Q10 – Sale of Goods"

TAX – May 2018 – L2 – Q7 – Value Added Tax (VAT)

List goods and services exempted from VAT.

You're reporting an error for "TAX – May 2018 – L2 – Q7 – Value Added Tax (VAT)"

FA – May 2016 – L1 – SA – Q14 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)

A question regarding the meaning of purchases in accounting.

You're reporting an error for "FA – May 2016 – L1 – SA – Q14 – Recording Financial Transactions (Including Source Documents, Books of Prime Entry, and Cash Books)"

PT – Mar 2024 – L2 – Q5a – Value-Added Tax (VAT), Customs, and Excise Duties

Explain what is meant by Goods, Works, and Services according to the Income Tax Act.

You're reporting an error for "PT – Mar 2024 – L2 – Q5a – Value-Added Tax (VAT), Customs, and Excise Duties"

BCL – Nov 2016 – L1 – Q3b – Contract Law

Explain the legal terms: Capacity, Acceptance, Misrepresentation, Goods, Quantum Meruit.

You're reporting an error for "BCL – Nov 2016 – L1 – Q3b – Contract Law"

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