NOUN E-EXAM PAST QUESTIONS AND ANSWERS
ACC201 List of eExam Questions
Latex formatted questions may not properly render (kindly study them for your Exam)
Q1 A person entitled to the income of a deceased could be called .
Q2 The acronym WREN stands for , , _,
Q3 For a sole trader to be assessed to tax, he must have in business for years .
Q4 occurs when a basis period is common to more than one year of assessment.
Q5 The methods of obtaining loss relief are current year and loss relief systems .
Q6 profit is assessed using the preceeding year bases .
Q7 Shops, Kiosks rates, tenant rates etc are levies collected by .
Q8 An incorporated company is expected to register with the FBIR within months after incorporation.
Q9 Which tax laws imposes tax on gains arising from disposal of chargeable assets listed in the Act?
Q10 A tax is productive, when it brings to the government.
Q11 A system of that assess tax payer's on a fixed percentage is known as __.
Q12 Taxation in Nigeria was introduced in year .
Q13 A form of tax assessable directly on the tax payers who is required to pay tax on his property income etc is called .
Q14 The normal basis period does not apply in because there will be no profit .
Q15 Fixed assets qualify for the grant of because they are categorised as capital expenditure .
Q16 is defined as a scheme whereby tax on employee's income is deducted at source by the employer.
Q17 is the difference between taxable profits and the expected normal profit.
Q18 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 .
Q19 is a person receiving an annuity that may be charged on the income of an estate .
Q20 A is a person to whom a legacy is bequeated or receiving a specific bequest from an estate .
Q21 Capital Allowance for construction companies are according to the degree of work done
Q22 Double taxation relief is an international treaty set up by the for the avoidance of double taxation.
Q23 ratio is used in ascertaining the amount of capital allowance to be allowed .
Q24 Income tax liability is percent on total profits .
Q25 Banks in Nigeria are encouraged to grant agricultural loans to farmers at interest rates.
Q26 Value added tax, stamp duties, exercise duties, etc are examples of
Q27 is a system of raising money for the purposes of governance from individual persons or corporate bodies
Q28 One of these is not among the cannons of taxation
Q29 Taxation started in 1904 and was introduced by
Q30 A form of tax where the tax payable decreases as the tax payers income increase is known as
Q31 tax replaced sales tax. It is imposed on the supply of goods and services by business
Q32 is used as an instrument of economic regulation for purpose of discouraging or encouraging certain forms of social behaviour
Q33 The organs of tax administration that advices Fedral Government on request in respect of double taxation arrangement with any other country is
Q34 A taxable person is expected to register withthe relevant tax authority within months
Q35 An incorporated company is expected to register with the FBIR with months after incorpoartion
Q36 is granted when a company carrying on a trade or business obtains a consideration in acquiring new assets of the same class as the old ones
Q37 The normal basis period does not apply in because there will be no profit of the preceeding accounting period from which the assessment is derived
Q38 The preceeding year basis of assessment implies that the profits that will be assessed to tax in the year 2009, will be the profit of the year
Q39 Where losses occured in a business, assessment of tax interest is
Q40 is a type of allowance that arises where a qualifying capital expenditure is disposed off
Q41 Fixed assets are categorised as capital expenditure because they qualify for the grant of
Q42 occurs when a basis period is common to more than one year of assessment
Q43 For a sole trader to be assessed to tax, he must have been in business for at least years from the date of commencement
Q44 Housing allowance has been reviewed upward since 2001 and excess of it is regarded as and it is taxable
Q45 The general notion by some individuals that those who earns income of N30,000 and below are tax exempted is
Q46 is a method of collecting tax from subsistent farmers, roadside machanics, vulcanizers etc
Q47 A person entitled to the income of a deceased person could be called the following except
Q48 The taxable profit of any company are those in respect of the following except
Q49 In determining the tax liabilities of partners, the use of are employed
Q50 is used by the tax Authority to any tax payer who had fully paid the assessed tax in the last three consecutive years immediately preceeding the current year of assessment
Q51 The income of a partner in a partnership is gotten by computing the below except
Q52 is a business organisation where two or more persons pool their resources together with the view of making profit
Q53 Any interest earned by banks on loans granted for purposes is exempted from tax
Q54 Who is saddled with the responsibility of preparation of accounts of a settlement or trust?
Q55 is a person appointed by the court to administer the entire possession of an interest
Q56 An interest earned by banks on loans granted for purposes is exempted from tax
Q57 The property of a decesed person is known as
Q58 Value added tax, stamp duties, exercise duties, etc are examples of
Q59 A form of tax assessable directly to the payer who is required to pay tax on his property, income or profit wtc is called
Q60 A form of tax that increases as income increases is called
Q61 In determining the tax liabilities of partners, the use of _________ are employed
Q62 Assessment of tax based on cesation rules applies where a partner does any of the following except __________
Q63 The income of a partner in a partnership is gotten by computing the below except ______
Q64 ______ is a business organisation where two or more persons pool their resources together with a view to making profit.
Q65 Certificate for tax clearance is required for the following reasons except ________
Q66 _______ 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
Q67 The general notion by some individuals is that those who earn income of #30,000 and below are tax exempted is incorrect
Q68 Which of these is not an information normally demanded from the employer before registering the company as an operator of PAYE scheme. _________
Q69 __________ is a mathod of collecting tax from subsistent farmers, roadside mechanics, vulcanizers etc
Q70 ________ is defined as a scheme whereby tax on employees'income is dedcted at source by the employer and remitted to the relevant tax authority wihin 14days after the end of the month.
Q71 ________ is defined as a scheme whereby tax on employees'income is dedcted at source by the employer and remitted to the relevant tax authority wihin 14days after the end of the month
Q72 My interest earned by banks on loans granted for ______ purposes is exempted from tax
Q73 Who is Saddled with the responsibility of preparation of accounts of a settlement or trust?
Q74 A person entitled to the income or part of income of a deceased could be called the following except __________
Q75 _______ 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
Q76 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 _______
Q77 Taxable profit is arrived at after the treatment of the following except ________
Q78 The process of ascertaining the profits of a company for a given period stars by the preparation of ________ in accordannce with GAAP and the provisions of CAMA 1990 as amended
Q79 The taxable profits of any company are those in respect of the following except ________
Q80 _______ 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
Q81 The normal basis period does not apply in _________ because there will be no profit of preceeding accounting period from which the assessment is derived.
Q82 The type of an organisation's profit that is associated with using the preceeding year basis is called ________________
Q83 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 _______________
Q84 From question 16 above, calculate the new cost of the remaining asset.
Q85 Jat Ltd purchased a set of plant at #120,000 on 1st April 2006. Part of it was sold for #35,000 . The company incurred #7,500 as expenses and the remaining market value of the plant is #125,000. What is the chargeable gain on the asset? ________
Q86 A roll over by way of deferal tax liability is obtained and applied to the following classes of assets with the exception of ____________
Q87 ______ is granted when a company carrying on a trade or business obtains a consideration in acquiring new assets of the same class as the old ones.
Q88 From the question in nos. 12 above, what is the new cost of the remaining asset? _________
Q89 Sele Ltd purchased an asset at a cost of #24,000. Part of it was sold at #7,000. Expenses incurred was #1,500 and the market value of the remaining asset is #25,000. What is the chargeable gain on the asset sold? _________
Q90 Exemptions and Reliefs of tax payment are given to the following instrument except ________
Q91 When a tax system is productive, it means that it brings ________ to the government.
Q92 Which of these does not belong to the canons of taxation
Q93 Value added tax, stamp duties, exercise duties, custom duties etc are examples of ________
Q94 Taxes which are imposed on commodities before reaching consumers and are paid by those whom they fall upon as part of selling prices of the commodity is called ________
Q95 A form of tax assessable directly on the tax payer who is required to pay tax on his property, income or profit etc is called ______
Q96 One of these does not include the advantages of payment of tax increasing as income increases _____________
Q97 A form of tax that is graduated as it applies higher rate of tax as income increases is called ________
Q98 A form of tax system where both the high income and low income groups are taxed at the same rate, making the low income earners to saccrifice more than high income earners is _____ tax
Q99 A type or form of tax that asseses tax payers to pay tax on a fixed percentage is known as _________
Q100 ______ is a system of raising money for the purposes of governance by means of contribution from individual persons or corporate bodies
Q101 The below are assets whose disposal proceeds are subjects to capital gains tax under Act except ________
Q102 A taxable person is expected to register with the relevant tax authority with _________ months of the year
Q103 An incorporated company is expected to register with the FBIR within ______ months after incorporation
Q104 An incorporated company is expected to register with the _________ while unincorporated entities and individuals are to be registered with where they are resident.
Q105 Taxes and levies to be collected by the State Government includes all except __________
Q106 Picketing in a trade dispute represents a situation where _______ prevent their colleagues from working and to join the strike
Q107 The following taxes and levies are collectible by the local government except __________
Q108 Which organs of tax administration advises the Federal Government in the request in respect of double taxation arrangement with any other country? __________
Q109 Which tax laws imposes tax on gains arising from disposal of chargeable assets listed in the act? __________
Q110 One of these laws does not govern the taxation in Nigeria _______
Q111 One of these taxes is not to be collected by the Federal Government. ______
Q112 ________ tax replaced sales tax. It is imposed on the supply of goods and services by business that are not specifically exempted.
Q113 The administration of taxes on the profits of all incorporated comoanies and income tax of the armed forces, and residents of the Federal Government is rested in the ____________
Q114 One of this group does not participate in administration of tax in Nigeria. ________
Q115 The administration of taxes in Nigeria rests on the various group known as ___________
Q116 A form of tax where the tax payable decreases as the tax payer's income increases is known as _______________
Q117 ________ is used as an instrument of economic regulation for the purpose of discouraging or encouraging certain forms of social behaviour
Q118 _______ is used to describe the imposition by a legal authority of tax, penalties and fines.
Q119 One of the this does not belong to the sources of the general tax laws.
Q120 Taxation in Nigeria started in 1904 and was introduced by ___________
