Intermediate Accounting Trivia Exam Quiz!

35 Questions | Total Attempts: 115

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Intermediate Accounting Trivia Exam Quiz! - Quiz

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Questions and Answers
  • 1. 
    Which of the following is not a type of Mineral rights License?
    • A. 

      Joint Venture (JV)

    • B. 

      Production sharing contracts

    • C. 

      Oil Mining Lease

    • D. 

      Service contracts

  • 2. 
    Pay-As-You-Earn tax  should be remitted when?
    • A. 

      On or before the 10th day of the following month

    • B. 

      Within 21 days of the following month

    • C. 

      Before the end of the following month

    • D. 

      None of the above

  • 3. 
    What is the applicable IFRS standard on E & E assets?
    • A. 

      IAS 6 on ‘Evaluation for and Exploration of Mineral resources’.

    • B. 

      IFRS 6 on ‘Evaluation for and Exploration of Mineral resources’.

    • C. 

      SAS 14 on Accounting in the petroleum industry: Upstream activities

    • D. 

      None of the above

  • 4. 
    Which of the following authorities regulates the Oil Service sector?
    • A. 

      Nigerian National Petroleum Corporation (NNPC)

    • B. 

      Department of Petroleum Resources (DPR)

    • C. 

      Federal Ministry of Environment (FMEnv)

    • D. 

      Petroleum Products Pricing Regulatory Agency (PPPRA)

  • 5. 
    Pre-exploration and Pre-evaluation costs are expensed?
    • A. 

      True

    • B. 

      False

    • C. 

      It depends

    • D. 

      None of the above

  • 6. 
    Which of the following is not a type of Mineral rights License?
    • A. 

      Oil Exploration License

    • B. 

      Oil Prospecting License

    • C. 

      Oil Mining Lease

    • D. 

      None of the above

  • 7. 
    Which of the following is not a responsibility of the Department of Petroleum Resources (DPR)?
    • A. 

      Award of OML & OPLs.

    • B. 

      Regulation & Monitoring and control of activities in the upstream and downstream sectors

    • C. 

      Approval of field development plans.

    • D. 

      Manages NNPC investments in JVs and PSCs

  • 8. 
    Which of the following accounts feeds into the Statement of Comprehensive Income?
    • A. 

      Fixed asset

    • B. 

      Asset under construction

    • C. 

      Accumulated depreciation

    • D. 

      Depreciation expense

  • 9. 
    Which of these is not a financial assertion to which financial controls must be linked?
    • A. 

      Valuation

    • B. 

      Existence

    • C. 

      Completeness

    • D. 

      Precision

  • 10. 
    Information processing objectives fall under the following categories except:
    • A. 

      Validity

    • B. 

      Completeness

    • C. 

      Presentation and Disclosure

    • D. 

      Restricted Access

  • 11. 
    One of these is control to mitigate the risk of unapproved purchase of assets:
    • A. 

      Assign responsibility for assets

    • B. 

      Automated system for calculating depreciation

    • C. 

      Use pre numbered acquisition forms

  • 12. 
    A staff who prepares an expense report should record the same in the purchase ledger for consistency.
    • A. 

      True

    • B. 

      False

  • 13. 
    Which of the following is used to set up the general ledger?
    • A. 

      Liabilities

    • B. 

      Expenses

    • C. 

      Equities

    • D. 

      Chart of accounts

  • 14. 
    Which of the following is not true about the trial balance?
    • A. 

      Trial balance is a snapshot of the balances on all the ledger accounts at a particular date

    • B. 

      Trial Balance is a proof of the arithmetical accuracy of postings

    • C. 

      It is the basis of preparing the profit & loss and balance sheet

    • D. 

      When the trial balance balances, the accounts must be correct

  • 15. 
    Which of the following errors cannot be detected by the trial balance?
    • A. 

      Incorrect footing in any account

    • B. 

      Entering an item on only one side of the books

    • C. 

      Entering one figure on the debit side of the books and a different figure on the credit

    • D. 

      Errors of omission

  • 16. 
    Which of the following defines error of principle?
    • A. 

      An error where an item is entered in the wrong class of account e.g. capital v/s revenue

    • B. 

      An error where the original entry is incorrect although double entry is still used

    • C. 

      An error where multiple unrelated errors cancel each other out

    • D. 

      An error where the correct amount is entered but in the wrong person’s accounts

  • 17. 
    All individual ledger accounts are together called?
  • 18. 
    Which of the following is not a component of financial statements in line with IAS 1?
    • A. 

      Statement of financial position

    • B. 

      Statement of comprehensive income

    • C. 

      Statement of cash flows

    • D. 

      Value added statement

  • 19. 
    Which of the following statements does not describe current assets?
    • A. 

      Assets used in normal operating cycle

    • B. 

      Assets held primarily for trading purposes

    • C. 

      Assets expected to be realised within 12 months

    • D. 

      Property, plant and equipment are examples of current assets

  • 20. 
    Which of the following are not classified by nature?
    • A. 

      Employee expenses

    • B. 

      Sales & marketing department

    • C. 

      Depreciation expense

    • D. 

      Impairment expense

  • 21. 
    A statement which shows how the wealth created is distributed among various interest groups is called?
    • A. 

      Value added statement

    • B. 

      Cash flow statement

    • C. 

      Statement of comprehensive income

    • D. 

      Statement of financial position

  • 22. 
    Temporary differences may arise from:
    • A. 

      Zero tax rate

    • B. 

      Recognition of asset which affects taxable profit

    • C. 

      Goodwill with no deductible tax amortization

  • 23. 
    A deferred tax liability results from:
    • A. 

      Deductible temporary differences at current year end

    • B. 

      Deductible temporary differences over years

    • C. 

      Taxable temporary differences at current year end

  • 24. 
    A deferred tax asset results from:
    • A. 

      Deductible temporary differences at current year end

    • B. 

      Deductible temporary differences over years

    • C. 

      Taxable temporary differences at current year end

  • 25. 
    Which of the following will create a future taxable amount? 
    • A. 

      Newspaper subscription

    • B. 

      Prepaid rent

    • C. 

      Prepaid insurance

    • D. 

      Straight line depreciation of asset

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