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ACC201

Question: the imposition of tax penalty and fines by legal authority can be referred to as
Answer:  Levy

Question: Saxxy Limited commenced business on 1st October 2018. The profit from 1st October, 2018 to 30th September 2019 is â,|500,000. Determine the assessable profits for 2018 tax year
Answer:  â,| 125,000

Question:	are charges that do
not relate to any income but allowed as deductions in ariving at the chargeable income of an individual taxpayer
Answer:  General charges

Question:	refers to the amount
paid to the tax autorities which reflects the difference between the total VAT collected from customers on sales
Answer:  Output VAT

Question:	are general charges
EXCEPT:
Answer:  Accruals

Question: Mrs Bridget Jakpa retired from public service on 31st March 2018 and secured another employment with Jimmy Ltd effected from 1st April 2018. The following information is available: (i) salary from old employment â,|60,000 per month. New employment â,|600,000 per annum, (ii) Pension income effective 1/4/18 â,;120,000 p.a Calculate the earned income for 2018 tax year
Answer:  720000

Question: If the computed Income is §,17,000,000. discretionary payments of â,|2,000,000 specific payments of â,|4,500,000. what is the excess apportionment?
Answer:  N500,000

Question: The following are goods exempted from VAT EXCEPT:
Answer:  Medical services

Question: Mr Balawo Susu is an employee of Royal Marble. Royal Marbe provided him with an exclusive use of an SUV vehicle which cost â.130,000,000. Calculate the income derived of Mr SusuYs use of this vehicle
Answer:  â,: 1,500,000

  Question: If the gross income of Mrs Tochi Duba is â,|8,000,000. Determine her consolidated relief allowance
Answer:  â,: 1,800,000

Question: The‭	‬loss relief
principle allows losses to be relieved agianst prior year profit
Answer:  current year

Question:	loss relief is not
available for corporate entities
Answer:  current year



Email: bbcnoun@gmail.com
Whatsapp/Telegram: 08131667008