ACC201

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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 _______

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

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

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 __________

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

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

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

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.

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

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

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

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

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

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

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

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

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

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

AH. Taxation started in 1904 and was introduced by ________

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

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

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

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

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

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

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

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 _______________

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

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

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.

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

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

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

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

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

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

AZ. Taxation in Nigeria was introduced in ___________ year .