ACC318 Tma Solutions 1. Which of the following statement is true of donations that are allowable —>> Donations should not be of a capital nature Maximum allowable donation is limited to 20% of the total profits Donations must not be …
The year the business of the company ceased to exist is known for tax purposes as Real Year Penultimate Year —>> Ultimate Year Actual Year
Tax clearance certificate is usually issued by the Tax authority to any taxpayer who may have fully paid the assessed tax in the last _______ immediately preceding the current year of assessment —>> Three(3) consecutive years Three years five(5) consecutive …
Minimum tax computation is not applicable to to the following company EXCEPT: —>> A company carrying on manufacturing business A company carrying on agricultural trade or business A company with at least 25% imported equity capital A company within its …
The applicable rate tax for small company is 0.1 —>> 0.2 0.3 0.35
The legal basis for assessing resident companies to tax is the: Income tax Act, CAP C 21 LFN 2004 Company Income Tax Act, CAP 20 LFN 2004 —>> Company Income Tax Act, CAPC 21 LFN 2004 Personal Income Tax Act, …
The assessment of income from settlements, trusts and estates is governed by the provisions of —>> Personal income Tax Act (PITA) Companies Income Tax Act (CITA) Trusts and Estates Tax Act (TETA) Capital Gains Tax Act (CGTA)
_________ specifically refers to all incomes that emanates from a trade, business , profession, vocation or employment, carried on or excercised by an individual. Unearned Income —>> Earned Income Employment Income Business Income
Which of the following statement is true of donations that are allowable —>> Donations should not be of a capital nature Maximum allowable donation is limited to 20% of the total profits Donations must not be made out of profit …
The basic principles of taxation that guide tax administration as well as the implementation of the provisions of relevant tax laws is known as: Tax administration —>> cannons of taxation principles of taxation None of the above
Earnings from royalty, trademark, dividend and rentals are examples of : Earned income —>> Unearned income Business Income Dividend and rental income
One of these is not an advantage of departmental accounting. It helps in monitoring the progress of each departments The gross profit of each department can be ascertained. Easy determination of profitable and unprofitable segments —>> enables fraud perpetration
