Principles Of Taxation
.
- 1.
-------------- 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 14days after the end of the month.
- A.
Residence
- B.
PAYE
- C.
Company Income
- D.
Direct Assessment
Correct Answer
B. PAYE -
- 2.
------------ is a method of collecting tax fron subsistent farmers,roadside mechanics, vulcanizers etc.
- A.
Direct assessment
- B.
PAYE
- C.
Residence
- D.
Company income
Correct Answer
A. Direct assessment -
- 3.
Which of these is not an information normally demanded from the employer before registering the company as an operator of PAYE scheme
- A.
Certificate of Incorporation
- B.
Tax Identication Number
- C.
Issuance of form A
- D.
Number of employees
Correct Answer
C. Issuance of form A -
- 4.
The general notion by some individuals is that those who earn income of #30,000 and below aware tax exempted is incorrect
- A.
Partial
- B.
Probable
- C.
False
- D.
True
Correct Answer
D. True -
- 5.
----------- is issued by the Tax authority to any tax payer who had fully paid the assessed tax in the last consecutive years immediately proceeding the current year of assessment
- A.
Tax clearance certificate
- B.
PAYE
- C.
PITG
- D.
LTG
Correct Answer
A. Tax clearance certificate -
- 6.
Certificate for tax clearance is required for the following reasons except
- A.
Application for Government for Industry
- B.
Registration of National Identity card
- C.
Registration of motor vehicle
- D.
Application of approval of building
Correct Answer
A. Application for Government for Industry -
- 7.
------------ is a business organization where two or more persons pool their resources together with a view to making profit.
- A.
Sole proprietorship
- B.
Partnership
- C.
Limited liability
- D.
Public limited company
Correct Answer
B. Partnership -
- 8.
The income of a partner in a partnership is gotten by computing the below except
- A.
Salary
- B.
Interest on capital
- C.
Private cost
- D.
Shares
Correct Answer
A. Salary -
- 9.
Assessment of tax based on cessation rules applies where a partner does any of the following except
- A.
Dies
- B.
Retires
- C.
Resigns
- D.
Amalgamate
Correct Answer
D. Amalgamate -
- 10.
In determining the tax liabilities of partners, the use of --------- are employed
- A.
Graduated tax rates
- B.
Direct assessment
- C.
Tax computation
- D.
Partnership deed
Correct Answer
A. Graduated tax rates -
- 11.
The preceding 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
- A.
2009
- B.
2010
- C.
2008
- D.
2007
Correct Answer
C. 2008 -
- 12.
The final year of cessation of a business is called
- A.
Penultimate year
- B.
Actual year
- C.
Ultimate year
- D.
Current year
Correct Answer
C. Ultimate year -
- 13.
Where losses occurred in a business assessment of tax interest is
- A.
Sure
- B.
Probable
- C.
Exact
- D.
Nil
Correct Answer
D. Nil -
- 14.
The method of obtaining loss relief are
- A.
Current year and carry forward
- B.
Current year and previous year
- C.
Carry forward and Actual year
- D.
Current year and Actual year
Correct Answer
A. Current year and carry forward -
- 15.
----------- is a form of standardized depreciation given under the income tax on certain specified qualifying capital expenditures
- A.
Loss relief
- B.
Capital allowance
- C.
Capital gain tax
- D.
Depreciation charge
Correct Answer
B. Capital allowance -
- 16.
----------- is a type of allowance that arises where a qualifying capital on plant and equipment or on plant and machinery.
- A.
Initial allowance
- B.
Rural Investment Allownce
- C.
Balancing adjustment
- D.
Investment allowance
Correct Answer
D. Investment allowance -
- 17.
----------- is an allowance granted to companies sited at least 200km away from the electricity, water etc. for aim of its trade and provision of faculty
- A.
Investment allowance
- B.
Balancing Adjustment
- C.
Rural Investment Allowance
- D.
Annual Allowance
Correct Answer
C. Rural Investment Allowance -
- 18.
Fixed Assets are categorized as capital expenditure because they qualify for the grant of
- A.
Investment Allowance
- B.
Annual Allowance
- C.
Balancing Adjustment
- D.
Capital Allowance
Correct Answer
D. Capital Allowance -
- 19.
Which one do you like?
- A.
Option 1
- B.
Option 2
- C.
Option 3
- D.
Option 4
Correct Answer
A. Option 1 -
- 20.
----------- is a type of loss relief system where the loss incurred is set off against the total assessable profit of the tax payer for the year of assessment in which the loss was incurred
- A.
Carry forward
- B.
Current year
- C.
Actual year
- D.
Previous year
Correct Answer
B. Current year -
- 21.
Loss relief is deducted from assessable profit before-------- are deducted
- A.
Carry over loss
- B.
Current year loss
- C.
Capital allowance
- D.
Carry forward loss
Correct Answer
C. Capital allowance -
Quiz Review Timeline +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Mar 09, 2016Quiz Edited by
ProProfs Editorial Team -
Apr 29, 2015Quiz Created by
Duate
Back to top