Category: ACC201



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

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

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

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

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

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

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G. _______ 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

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

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

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

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

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

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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

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

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

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P. 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 _______

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

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

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S. 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 __________

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T. _________ is defined as a scheme whereby tax on employee's income is deducted at source by the employer.

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

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

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W. ________ 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.

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

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

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Z. _______ 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

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AA. 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

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

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

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

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

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

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

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AH. Taxation started in 1904 and was introduced by ________

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

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

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

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

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

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

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

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AP. 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 _______________

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

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

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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.

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

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

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

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

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

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

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AZ. Taxation in Nigeria was introduced in ___________ year .

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