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ACC326: Nigerian Taxation System Exam 2020/2021

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ACC326: Nigerian Taxation System Exam 2020/2021

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Questions and Answers

What is the main reason for reviewing tax laws periodically in Nigeria?

To favor specific regions

To increase tax revenue

To complicate taxation

To promote uniformity (correct)

Which of the following is not an objective of taxation?

Redistribution of wealth

Promotion of entrepreneurship (correct)

Economic stability

Stabilization of prices

Why might a business or organization cease trading?

Strong competition in the market

Increasing profits

Low demand for products/services (correct)

High government support

What is a possible reason for Adesojiltd shutting down its business?

Change in government policy Signup and view all the answers

Which level of government in Nigeria collects levies and dues?

Local governments Signup and view all the answers

What was the company's assessable profit for the period to 30/04/2022?

N1,260,000 Signup and view all the answers

What is the purpose of the Federal Government legislating income tax in Nigeria?

To ensure uniformity Signup and view all the answers

Why did Kikelomo decide to change the accounting date for her fashion investment company?

New government policy regulations Signup and view all the answers

What was the adjusted profit for the year ended 31/12/2009 for Kikelomo's fashion investment company?

N1,000,000,000 Signup and view all the answers

When did LSR 111HW commence trading?

1st June 2020 Signup and view all the answers

Which year had the highest reported profit in Kikelomo's fashion investment company results?

Year ended 31/12/2009 Signup and view all the answers

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 Signup and view all the answers

What is the total amount of the adjusted Profit for the business for the year to 30 September, 2023?

$2,231,000 Signup and view all the answers

What is the difference between the adjusted Profit for the year to 30 September, 2022 and the year to 30 September, 2023?

$39,000 Signup and view all the answers

What is the total amount of other income earned by ORILONISE EDAOLAROPIN during the year 2016?

$7,700,000 Signup and view all the answers

What percentage of his basic salary did ORILONISE EDAOLAROPIN contribute to the social security scheme?

5% Signup and view all the answers

What was the amount of the annual bonus received by ORILONISE EDAOLAROPIN in 2016?

$12,000,000 Signup and view all the answers