Category: ACC201 0 ACC201 1 / 50 In determining the tax liabilities of partners, the use of _________ are employed Graduated tax rates Direct assessment Tax computation Partnership Deed 2 / 50 _______ 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 Executor Administrator Receiver Liquidator 3 / 50 _______ 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 TCC PAYE LTG PITG 4 / 50 ________ 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. Direct Assessment Company Income Residence PAYE 5 / 50 Certificate for tax clearance is required for the following reasons except ______ Registration of motor vehicles Application of approval of building Registration of National Identity card Application for Government for Industry 6 / 50 A form of tax where the tax payable decreases as the tax payers income increase is known as _________ Check 7 / 50 Shops, Kiosks rates, tenant rates etc are levies collected by ________ Check 8 / 50 A system of that assess tax payer's on a fixed percentage is known as _________ Check 9 / 50 Double taxation relief is an international treaty set up by the ___________ for the avoidance of double taxation. Check 10 / 50 The income of a partner in a partnership is gotten by computing the below except ______ Shares Private costs Interest on Capital Salary 11 / 50 Assessment of tax based on cessation rules applies where a partner does any of the following except __________ Retires Resigns Amalgamate Dies 12 / 50 For a sole trader to be assessed to tax, he must have in business for _________ years . Check 13 / 50 ________ is a system of raising money for the purposes of governance from individual persons or corporate bodies Check 14 / 50 A form of tax assessable directly on the tax payers who is required to pay tax on his property income etc is called _______ Check 15 / 50 Which tax laws imposes tax on gains arising from disposal of chargeable assets listed in the Act? _______ Check 16 / 50 __________ is a method of collecting tax from subsistent farmers, roadside mechanics, vulcanizers etc Direct assessment Residence PAYE Company Income 17 / 50 A person entitled to the income or part of income of a deceased could be called the following except __________ Settler Legatee Beneficiary Annuitant 18 / 50 Taxable profit is arrived at after the treatment of the following except ________ Non Allowance deductions Capital Allowance Balancing charge Loss relief 19 / 50 The general notion by some individuals is that those who earn income of #30,000 and below are tax exempted is incorrect Partial Probable No Yes 20 / 50 _______ One of these is not among the cannons of taxation Check 21 / 50 ________ occurs when a basis period is common to more than one year of assessment. Check 22 / 50 Income tax liability is _______ percent on total profits . Check 23 / 50 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 _______ Estate Settlement Trust Asset 24 / 50 Value added tax, stamp duties, exercise duties, etc are examples of _______ Check 25 / 50 A tax is productive, when it brings ___________ to the government Check 26 / 50 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 _______________ Shareholders Company Trustee Partnership 27 / 50 An incorporated company is expected to register with the FBIR within ____________ months after incorporation. Check 28 / 50 __________ tax replaced sales tax. It is imposed on the supply of goods and services by business Check 29 / 50 ______ is a business organisation where two or more persons pool their resources together with a view to making profit. Sole proprietorship Public limited company Partnership Limited liability 30 / 50 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 __________ Check 31 / 50 Fixed assets qualify for the grant of ________ because they are categorized as capital expenditure . Check 32 / 50 My interest earned by banks on loans granted for ______ purposes is exempted from tax Agriculture Mining Merchandise Petroleum Exploitation 33 / 50 _________ profit is assessed using the preceeding year bases . Check 34 / 50 _________ is defined as a scheme whereby tax on employee's income is deducted at source by the employer. Check 35 / 50 Capital Allowance for construction companies are ________ according to the degree of work done Check 36 / 50 The methods of obtaining loss relief are current year and _________ loss relief systems . Check 37 / 50 Who is Saddled with the responsibility of preparation of accounts of a settlement or trust? Finance officer Testator Trustee Accountant 38 / 50 Banks in Nigeria are encouraged to grant agricultural loans to farmers at _________ interest rates. Check 39 / 50 _________ is used as an instrument of economic regulation for purpose of discouraging or encouraging certain forms of social behaviour Check 40 / 50 The acronym WREN stands for _________, ________. __________, ________ Check 41 / 50 _________ ratio is used in ascertaining the amount of capital allowance to be allowed . Check 42 / 50 Taxation started in 1904 and was introduced by ________ Check 43 / 50 The type of an organisation's profit that is associated with using the preceeding year basis is called ________________ Adjusted profit End of the year's profit Retained profit Capital gains 44 / 50 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 Allowances Computation of profits Official letter Financial Statement 45 / 50 __________ is the difference between taxable profits and the expected normal profit. Check 46 / 50 Which of these is not an information normally demanded from the employer before registering the company as an operator of PAYE scheme. Certificate of Incorporation Issuance of form A Number of employees Tax Identification Number 47 / 50 The normal basis period does not apply in _________ because there will be no profit of preceeding accounting period from which the assessment is derived. New business On-going business Collapsed business Old business 48 / 50 _______ 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 Earnings Profit Interest Allowance 49 / 50 __________ is a person receiving an annuity that may be charged on the income of an estate . Check 50 / 50 Taxation in Nigeria was introduced in ___________ year . Check Restart quiz Rate this quiz Send feedback