ACC201
1 / 52
A. Taxable profit is arrived at after the treatment of the following except ________
2 / 52
B. 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 _______
3 / 52
C. _______ 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
4 / 52
D. Capital Allowance for construction companies are ________ according to the degree of work done
5 / 52
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 / 52
F. Income tax liability is _______ percent on total profits .
7 / 52
G. Which tax laws imposes tax on gains arising from disposal of chargeable assets listed in the Act? _______
8 / 52
H. 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
9 / 52
I. Shops, Kiosks rates, tenant rates etc are levies collected by ________
10 / 52
J. The normal basis period does not apply in _________ because there will be no profit .
11 / 52
K. My interest earned by banks on loans granted for ______ purposes is exempted from tax
12 / 52
L. Assessment of tax based on cessation rules applies where a partner does any of the following except __________
13 / 52
M. _______ 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
14 / 52
N. Fixed assets qualify for the grant of ________ because they are categorized as capital expenditure .
15 / 52
O. Value added tax, stamp duties, exercise duties, etc are examples of _______
16 / 52
P. Taxation started in 1904 and was introduced by ________
17 / 52
Q. Which of these is not an information normally demanded from the employer before registering the company as an operator of PAYE scheme.
18 / 52
R. _______ 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
19 / 52
S. A system of that assess tax payer's on a fixed percentage is known as _________
20 / 52
T. _________ ratio is used in ascertaining the amount of capital allowance to be allowed .
21 / 52
U. The acronym WREN stands for _________, ________. __________, ________
22 / 52
V. The income of a partner in a partnership is gotten by computing the below except ______
23 / 52
W. A form of tax assessable directly on the tax payers who is required to pay tax on his property income etc is called _______
24 / 52
X. Who is Saddled with the responsibility of preparation of accounts of a settlement or trust?
25 / 52
Y. _________ profit is assessed using the preceeding year bases .
26 / 52
Z. The methods of obtaining loss relief are current year and _________ loss relief systems .
27 / 52
AA. A person entitled to the income of a deceased could be called _________
28 / 52
AB. __________ is the difference between taxable profits and the expected normal profit.
29 / 52
AC. The general notion by some individuals is that those who earn income of #30,000 and below are tax exempted is incorrect
30 / 52
AD. A form of tax where the tax payable decreases as the tax payers income increase is known as _________
31 / 52
AE. Banks in Nigeria are encouraged to grant agricultural loans to farmers at _________ interest rates.
32 / 52
AF. The normal basis period does not apply in _________ because there will be no profit of preceeding accounting period from which the assessment is derived.
33 / 52
AG. __________ is a person receiving an annuity that may be charged on the income of an estate .
34 / 52
AH. ________ occurs when a basis period is common to more than one year of assessment.
35 / 52
AI. __________ tax replaced sales tax. It is imposed on the supply of goods and services by business
36 / 52
AJ. A tax is productive, when it brings ___________ to the government
37 / 52
AK. ______ is a business organisation where two or more persons pool their resources together with a view to making profit.
38 / 52
AL. ________ is a system of raising money for the purposes of governance from individual persons or corporate bodies
39 / 52
AM. _________ is defined as a scheme whereby tax on employee's income is deducted at source by the employer.
40 / 52
AN. Double taxation relief is an international treaty set up by the ___________ for the avoidance of double taxation.
41 / 52
AO. A person entitled to the income or part of income of a deceased could be called the following except __________
42 / 52
AP. For a sole trader to be assessed to tax, he must have in business for _________ years .
43 / 52
AQ. Certificate for tax clearance is required for the following reasons except ______
44 / 52
AR. An incorporated company is expected to register with the FBIR within ____________ months after incorporation.
45 / 52
AS. In determining the tax liabilities of partners, the use of _________ are employed
46 / 52
AT. 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 __________
47 / 52
AU. _______ One of these is not among the cannons of taxation
48 / 52
AV. The type of an organisation's profit that is associated with using the preceeding year basis is called ________________
49 / 52
AW. _________ is used as an instrument of economic regulation for purpose of discouraging or encouraging certain forms of social behaviour
50 / 52
AX. __________ is a method of collecting tax from subsistent farmers, roadside mechanics, vulcanizers etc
51 / 52
AY. Taxation in Nigeria was introduced in ___________ year .
52 / 52
AZ. ________ 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.
Restart quiz
Rate this quiz