ATTENTION:
Kindly note that you will be presented with 50 questions randomized from the NOUN question bank. Make sure to take the quiz multiple times so you can get familiar with the questions and answers, as new questions are randomized in each attempt.
Good luck!
ACC201
1 / 50
A. Fixed assets qualify for the grant of ________ because they are categorized as capital expenditure .
2 / 50
B. _______ can be defined as the surplus by which the receipts from the trade or business exceed the expenditure necessary for the purpose of earning those receipts
3 / 50
C. __________ is a person receiving an annuity that may be charged on the income of an estate .
4 / 50
D. In the disposal of a property to a connected person, section 23 and 24 will apply. All of these are said to be connected person but _______________
5 / 50
E. A form of tax assessable directly on the tax payers who is required to pay tax on his property income etc is called _______
6 / 50
F. Which of these is not an information normally demanded from the employer before registering the company as an operator of PAYE scheme.
7 / 50
G. For a sole trader to be assessed to tax, he must have in business for _________ years .
8 / 50
H. A form of tax where the tax payable decreases as the tax payers income increase is known as _________
9 / 50
I. A tax is productive, when it brings ___________ to the government
10 / 50
J. The methods of obtaining loss relief are current year and _________ loss relief systems .
11 / 50
K. ________ is a system of raising money for the purposes of governance from individual persons or corporate bodies
12 / 50
L. My interest earned by banks on loans granted for ______ purposes is exempted from tax
13 / 50
M. Capital Allowance for construction companies are ________ according to the degree of work done
14 / 50
N. The general notion by some individuals is that those who earn income of #30,000 and below are tax exempted is incorrect
15 / 50
O. The income of a partner in a partnership is gotten by computing the below except ______
16 / 50
P. Assessment of tax based on cessation rules applies where a partner does any of the following except __________
17 / 50
Q. __________ is a method of collecting tax from subsistent farmers, roadside mechanics, vulcanizers etc
18 / 50
R. A system of that assess tax payer's on a fixed percentage is known as _________
19 / 50
S. Taxable profit is arrived at after the treatment of the following except ________
20 / 50
T. Certificate for tax clearance is required for the following reasons except ______
21 / 50
U. The normal basis period does not apply in _________ because there will be no profit of preceeding accounting period from which the assessment is derived.
22 / 50
V. The type of an organisation's profit that is associated with using the preceeding year basis is called ________________
23 / 50
W. ________ is defined as a scheme whereby tax on __________ employees'income is deducted at source by the employer and remitted to the relevant tax authority within 14 days after the end of the month.
24 / 50
X. Taxation started in 1904 and was introduced by ________
25 / 50
Y. The process of ascertaining the profits of a company for a given period stars by the preparation of ________ in accordance with GAAP and the provisions of CAMA 1990 as amended
26 / 50
Z. In determining the tax liabilities of partners, the use of _________ are employed
27 / 50
AA. _______ is issued by the Tax authority to any tax payer who had fully paid the assessed tax in the last consecitive years immediately proceeding the current year of assessment
28 / 50
AB. _________ is defined as a scheme whereby tax on employee's income is deducted at source by the employer.
29 / 50
AC. ________ occurs when a basis period is common to more than one year of assessment.
30 / 50
AD. An incorporated company is expected to register with the FBIR within ____________ months after incorporation.
31 / 50
AE. __________ is the difference between taxable profits and the expected normal profit.
32 / 50
AF. The acronym WREN stands for _________, ________. __________, ________
33 / 50
AG. When a person dies and leaves no valid will or leaves a will but has not disposed off his property by the will, is called __________
34 / 50
AH. Who is Saddled with the responsibility of preparation of accounts of a settlement or trust?
35 / 50
AI. _______ One of these is not among the cannons of taxation
36 / 50
AJ. Shops, Kiosks rates, tenant rates etc are levies collected by ________
37 / 50
AK. _________ is used as an instrument of economic regulation for purpose of discouraging or encouraging certain forms of social behaviour
38 / 50
AL. _______ is a person appointed by the court to administer the entire possession of an intestate or an intestator where an executor has not been appointed
39 / 50
AM. _________ ratio is used in ascertaining the amount of capital allowance to be allowed .
40 / 50
AN. Income tax liability is _______ percent on total profits .
41 / 50
AO. The normal basis period does not apply in _________ because there will be no profit .
42 / 50
AP. __________ tax replaced sales tax. It is imposed on the supply of goods and services by business
43 / 50
AQ. _________ profit is assessed using the preceeding year bases .
44 / 50
AR. Double taxation relief is an international treaty set up by the ___________ for the avoidance of double taxation.
45 / 50
AS. Which tax laws imposes tax on gains arising from disposal of chargeable assets listed in the Act? _______
46 / 50
AT. ______ is a business organisation where two or more persons pool their resources together with a view to making profit.
47 / 50
AU. The property of a deceased person or the aggregate of the things possessed by a person such as money,goods and property of any kind is known as _______
48 / 50
AV. Taxation in Nigeria was introduced in ___________ year .
49 / 50
AW. Value added tax, stamp duties, exercise duties, etc are examples of _______
50 / 50
AX. A person entitled to the income or part of income of a deceased could be called the following except __________
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