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Category: ACC201

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ACC201

1 / 50

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

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

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

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.

5 / 50

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

6 / 50

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

7 / 50

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

8 / 50

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

9 / 50

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

10 / 50

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

11 / 50

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

12 / 50

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

13 / 50

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

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 _______

15 / 50

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

16 / 50

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

17 / 50

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

18 / 50

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

19 / 50

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

20 / 50

_______ One of these is not among the cannons of taxation

21 / 50

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

22 / 50

Income tax liability is _______ percent on total profits .

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 _______

24 / 50

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

25 / 50

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

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 _______________

27 / 50

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

28 / 50

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

29 / 50

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

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 __________

31 / 50

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

32 / 50

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

33 / 50

_________ profit is assessed using the preceeding year bases .

34 / 50

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

35 / 50

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

36 / 50

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

37 / 50

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

38 / 50

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

39 / 50

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

40 / 50

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

41 / 50

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

42 / 50

Taxation started in 1904 and was introduced by ________

43 / 50

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

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

45 / 50

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

46 / 50

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

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.

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

49 / 50

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

50 / 50

Taxation in Nigeria was introduced in ___________ year .

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