ACC201




Category: ACC201

0

ACC201

1 / 52

A. 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 _______________

2 / 52

B. _______ 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

3 / 52

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

4 / 52

D. 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 __________

5 / 52

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

6 / 52

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

7 / 52

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

8 / 52

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

9 / 52

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

10 / 52

J. ________ 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.

11 / 52

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

12 / 52

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

13 / 52

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

14 / 52

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

15 / 52

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

16 / 52

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

17 / 52

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

18 / 52

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

19 / 52

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

20 / 52

T. 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

21 / 52

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

22 / 52

V. 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 _______

23 / 52

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

24 / 52

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

25 / 52

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

26 / 52

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

27 / 52

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

28 / 52

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

29 / 52

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

30 / 52

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

31 / 52

AE. Taxation in Nigeria was introduced in ___________ year .

32 / 52

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

33 / 52

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

34 / 52

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

35 / 52

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

36 / 52

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

37 / 52

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

38 / 52

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

39 / 52

AM. Taxation started in 1904 and was introduced by ________

40 / 52

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

41 / 52

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

42 / 52

AP. _______ 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

43 / 52

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

44 / 52

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

45 / 52

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

46 / 52

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

47 / 52

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

48 / 52

AV. _______ 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

49 / 52

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

50 / 52

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

51 / 52

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

52 / 52

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

Rate this quiz




Hello NOUNITES! Join other NOUNITES on Whatsapp and Telegram below, EXCLUSIVE UPDATES awaits you from various study centres and happenings in NOUN. Stay updated
 
Don't miss out, JOIN OVER 22,000 other students already following our platforms

FOLLOW WHATSAPP CHANNEL  FOLLOW TELEGRAM CHANNEL 
    
JOIN WHATSAPP GROUP   JOIN TELEGRAM GROUP
close-link