ACC201

A. A system of that assess tax payer's on a fixed percentage is known as _________

B. 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

C. A form of tax where the tax payable decreases as the tax payers income increase is known as _________

D. The methods of obtaining loss relief are current year and _________ loss relief systems .

E. 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 __________

F. The type of an organisation's profit that is associated with using the preceeding year basis is called ________________

G. Taxable profit is arrived at after the treatment of the following except ________

H. Assessment of tax based on cessation rules applies where a partner does any of the following except __________

I. An incorporated company is expected to register with the FBIR within ____________ months after incorporation.

J. 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 _______________

K. __________ is the difference between taxable profits and the expected normal profit.

L. The general notion by some individuals is that those who earn income of #30,000 and below are tax exempted is incorrect

M. _________ is defined as a scheme whereby tax on employee's income is deducted at source by the employer.

N. _______ One of these is not among the cannons of taxation

O. __________ is a method of collecting tax from subsistent farmers, roadside mechanics, vulcanizers etc

P. __________ is a person receiving an annuity that may be charged on the income of an estate .

Q. The income of a partner in a partnership is gotten by computing the below except ______

R. ________ 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.

S. Double taxation relief is an international treaty set up by the ___________ for the avoidance of double taxation.

T. A person entitled to the income or part of income of a deceased could be called the following except __________

U. Value added tax, stamp duties, exercise duties, etc are examples of _______

V. In determining the tax liabilities of partners, the use of _________ are employed

W. Taxation in Nigeria was introduced in ___________ year .

X. ______ is a business organisation where two or more persons pool their resources together with a view to making profit.

Y. The normal basis period does not apply in _________ because there will be no profit .

Z. _______ 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

AA. 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 _______

AB. ________ is a system of raising money for the purposes of governance from individual persons or corporate bodies

AC. The normal basis period does not apply in _________ because there will be no profit of preceeding accounting period from which the assessment is derived.

AD. The acronym WREN stands for _________, ________. __________, ________

AE. Which of these is not an information normally demanded from the employer before registering the company as an operator of PAYE scheme.

AF. Taxation started in 1904 and was introduced by ________

AG. Income tax liability is _______ percent on total profits .

AH. Which tax laws imposes tax on gains arising from disposal of chargeable assets listed in the Act? _______

AI. Capital Allowance for construction companies are ________ according to the degree of work done

AJ. Who is Saddled with the responsibility of preparation of accounts of a settlement or trust?

AK. _________ ratio is used in ascertaining the amount of capital allowance to be allowed .

AL. A form of tax assessable directly on the tax payers who is required to pay tax on his property income etc is called _______

AM. _______ 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

AN. My interest earned by banks on loans granted for ______ purposes is exempted from tax

AO. Certificate for tax clearance is required for the following reasons except ______

AP. _________ profit is assessed using the preceeding year bases .

AQ. Banks in Nigeria are encouraged to grant agricultural loans to farmers at _________ interest rates.

AR. ________ occurs when a basis period is common to more than one year of assessment.

AS. Fixed assets qualify for the grant of ________ because they are categorized as capital expenditure .

AT. A tax is productive, when it brings ___________ to the government

AU. __________ tax replaced sales tax. It is imposed on the supply of goods and services by business

AV. A person entitled to the income of a deceased could be called _________

AW. For a sole trader to be assessed to tax, he must have in business for _________ years .

AX. _______ 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