17 Questions
What is the main reason for reviewing tax laws periodically in Nigeria?
To promote uniformity
Which of the following is not an objective of taxation?
Promotion of entrepreneurship
Why might a business or organization cease trading?
Low demand for products/services
What is a possible reason for Adesojiltd shutting down its business?
Change in government policy
Which level of government in Nigeria collects levies and dues?
Local governments
What was the company's assessable profit for the period to 30/04/2022?
N1,260,000
What is the purpose of the Federal Government legislating income tax in Nigeria?
To ensure uniformity
Why did Kikelomo decide to change the accounting date for her fashion investment company?
New government policy regulations
What was the adjusted profit for the year ended 31/12/2009 for Kikelomo's fashion investment company?
N1,000,000,000
When did LSR 111HW commence trading?
1st June 2020
Which year had the highest reported profit in Kikelomo's fashion investment company results?
Year ended 31/12/2009
What was the total assessable profit for the tax years 30/09/2018 to 30/09/2021 for the first company mentioned?
$6,250,000
What is the total amount of the adjusted Profit for the business for the year to 30 September, 2023?
$2,231,000
What is the difference between the adjusted Profit for the year to 30 September, 2022 and the year to 30 September, 2023?
$39,000
What is the total amount of other income earned by ORILONISE EDAOLAROPIN during the year 2016?
$7,700,000
What percentage of his basic salary did ORILONISE EDAOLAROPIN contribute to the social security scheme?
5%
What was the amount of the annual bonus received by ORILONISE EDAOLAROPIN in 2016?
$12,000,000
Test your knowledge of the Nigerian Taxation System with this second semester examination quiz from Ekiti State University. Questions are based on the Finance Act of 2021. Answer Question 5 and any other three questions within the 2-hour time limit.
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