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Thursday, 2 May 2024, 2:32 PM
Site: Bcom International Supply Chain Management
Course: Bcom International Supply Chain Management (IMM)
Glossary: SCS Glossary
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Output VAT

Output VAT – VAT that is charged by a vendor to customers and collected on behalf of SARS. It is a liability.

Over Applied

Over applied – when applied overheads exceed actual overheads.

Overheads

Overheads – all costs other than direct materials and direct labour.

Owners’ Equity

Owners’ equity – the residual interest of owners in a business.