ACC201

A. Taxation in Nigeria was introduced in ___________ year .

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

C. _______ 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

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

E. Taxation started in 1904 and was introduced by ________

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

G. 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

H. 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 _______

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

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

K. _________ is used as an instrument of economic regulation for purpose of discouraging or encouraging certain forms of social behaviour

L. _______ 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

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

N. 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 _______________

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

AD. 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 __________

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

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

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

AH. _______ 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

AI. Shops, Kiosks rates, tenant rates etc are levies collected by ________

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

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

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

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

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

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

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

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

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

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

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

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

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

AW. ________ 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.

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