Accounting

11. The following may disqualify an auditor from being re-appointed, EXCEPT
A. If he is not qualified for re-appointment.
B. If he has done his work perfectly well.
C. If the shareholders agree to appoint another auditor.
D. If he informs his clients by writing of his unwillingness to be re-appointed
.
12. Which of the following is NOT an old form of taxation?
A. Value added tax
B. Zakkat
C. Ishakole
D. War tax

13. The Federal Inland Revenue Service is charged with the responsibility of assessing and collecting
the following taxes, EXCEPT
A. Value added tax.
B. Personal income tax of all federal civil servants.
C. Export duties.
D. Personal income tax of the residence of Federal Capital Territory.

14. The tier of government, vested with the responsibility of collecting tenement rate and slaughter
slab fees, is
A. The Federal Board of Inland Revenue.
B. The State Board of Internal Revenue.
C. The Local Government.
D. The Joint Tax Board.

15. A quantitative expression of a plan of action, prepared in advance of the period to which it
relates, is called
A. Control.
B. Budgeting.
C Costing.
D. Process costing.

16. If the annual demand of inventory is 19,600 units, the order cost is ₦25 and the cost of keeping
one unit of inventory is ₦8. What is the economic order quantity (EOQ)?
A. 350 units.
B. 330 units.
C. 320 units.
D. 325 units.

17 The costing technique, used for short-term decision-making by managers, is
A. Absorption.
B. Labour.
C. Marginal.
D. Material.

18. If the hourly rate is ₦3, the agreed rate of production per hour is 60 units, the actual number of
hours taken is 6 hours and the units produced is 480 units; what is the worker’s pay under the
Rowan Bonus Scheme?
A. ₦22
B. ₦22.5
C. ₦25
D. ₦21

19. The following are advantages of the NPV method in project evaluation, EXCEPT that
A. It ignores risk and management attitude towards risk.
B. It considers the time value of money.
C. It helps managers to either accept or reject a project.
D. It is used to rank projects under capital rationing decision.

20. The Canon of taxation includes the following, EXCEPT
A. Flexibility.
B. Certainty.
C. Realistic.
D. Equity.

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