Intermediate Accounting Trivia Exam Quiz!
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- 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
Questions: 132 | Attempts: 3146 | Last updated: Apr 6, 2022
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Sample QuestionOn December 31, 2009, Otter Company had investments in trading securities as follows: COST MARKET VALUE Man Company 1,000,000 1,300,000 Kemo Company 900,000 1,100,000 Fenn Company 1,100,000 900,000 3,000,000 3,300,000 Otter's December 31, 2009 balance sheet should report the following trading securities at:
Questions: 17 | Attempts: 2139 | Last updated: Mar 22, 2022
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Sample QuestionWhich of the following is correct about soft assets?
Questions: 17 | Attempts: 546 | Last updated: Mar 21, 2022
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Sample QuestionAn example of an item which is not a liability is
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