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. A person entitled to the income or part of income of a deceased could be called the following except __________
2 / 50
B. Taxable profit is arrived at after the treatment of the following except ________
3 / 50
C. _________ ratio is used in ascertaining the amount of capital allowance to be allowed .
4 / 50
D. Assessment of tax based on cessation rules applies where a partner does any of the following except __________
5 / 50
E. 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 _______________
6 / 50
F. _________ profit is assessed using the preceeding year bases .
7 / 50
G. A form of tax assessable directly on the tax payers who is required to pay tax on his property income etc is called _______
8 / 50
H. _______ 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
9 / 50
I. The general notion by some individuals is that those who earn income of #30,000 and below are tax exempted is incorrect
10 / 50
J. A tax is productive, when it brings ___________ to the government
11 / 50
K. Taxation started in 1904 and was introduced by ________
12 / 50
L. Certificate for tax clearance is required for the following reasons except ______
13 / 50
M. A system of that assess tax payer's on a fixed percentage is known as _________
14 / 50
N. ________ is a system of raising money for the purposes of governance from individual persons or corporate bodies
15 / 50
O. __________ is a method of collecting tax from subsistent farmers, roadside mechanics, vulcanizers etc
16 / 50
P. The normal basis period does not apply in _________ because there will be no profit .
17 / 50
Q. 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
18 / 50
R. Banks in Nigeria are encouraged to grant agricultural loans to farmers at _________ interest rates.
19 / 50
S. My interest earned by banks on loans granted for ______ purposes is exempted from tax
20 / 50
T. For a sole trader to be assessed to tax, he must have in business for _________ years .
21 / 50
U. ______ is a business organisation where two or more persons pool their resources together with a view to making profit.
22 / 50
V. A form of tax where the tax payable decreases as the tax payers income increase is known as _________
23 / 50
W. Which tax laws imposes tax on gains arising from disposal of chargeable assets listed in the Act? _______
24 / 50
X. Double taxation relief is an international treaty set up by the ___________ for the avoidance of double taxation.
25 / 50
Y. An incorporated company is expected to register with the FBIR within ____________ months after incorporation.
26 / 50
Z. Shops, Kiosks rates, tenant rates etc are levies collected by ________
27 / 50
AA. _______ One of these is not among the cannons of taxation
28 / 50
AB. Taxation in Nigeria was introduced in ___________ year .
29 / 50
AC. _______ 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
30 / 50
AD. _________ is defined as a scheme whereby tax on employee's income is deducted at source by the employer.
31 / 50
AE. Value added tax, stamp duties, exercise duties, etc are examples of _______
32 / 50
AF. _________ is used as an instrument of economic regulation for purpose of discouraging or encouraging certain forms of social behaviour
33 / 50
AG. _______ 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
34 / 50
AH. A person entitled to the income of a deceased could be called _________
35 / 50
AI. ________ occurs when a basis period is common to more than one year of assessment.
36 / 50
AJ. Which of these is not an information normally demanded from the employer before registering the company as an operator of PAYE scheme.
37 / 50
AK. __________ is a person receiving an annuity that may be charged on the income of an estate .
38 / 50
AL. Income tax liability is _______ percent on total profits .
39 / 50
AM. __________ is the difference between taxable profits and the expected normal profit.
40 / 50
AN. The normal basis period does not apply in _________ because there will be no profit of preceeding accounting period from which the assessment is derived.
41 / 50
AO. In determining the tax liabilities of partners, the use of _________ are employed
42 / 50
AP. Who is Saddled with the responsibility of preparation of accounts of a settlement or trust?
43 / 50
AQ. ________ 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.
44 / 50
AR. Fixed assets qualify for the grant of ________ because they are categorized as capital expenditure .
45 / 50
AS. The methods of obtaining loss relief are current year and _________ loss relief systems .
46 / 50
AT. The income of a partner in a partnership is gotten by computing the below except ______
47 / 50
AU. The acronym WREN stands for _________, ________. __________, ________
48 / 50
AV. __________ tax replaced sales tax. It is imposed on the supply of goods and services by business
49 / 50
AW. 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 __________
50 / 50
AX. The type of an organisation's profit that is associated with using the preceeding year basis is called ________________
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