ACC206

[ACC206] Expressing the plans and goals of a firm is known as budgeting 
[ACC206] The main duty of management is make decision 
[ACC206] All costs traceable to a particular product are known as direct costs 
[ACC206] The following are the main functions of cost accounting except helps in preparation of financial statement 
[ACC206] Total cost is the combination of fixed cost and variable cost 
[ACC206] The cost accounting feature that ensures that the costing system must adapt itself to the changing business situation is elasticity 
[ACC206] The measuring of the cost and value of people for an organisation is human resource accounting 
[ACC206] Costs not subject to the influence of a given manager is uncontrollable costs 
[ACC206] All of the following are the advantages of cost accounting to management except assists in staff appraisal 
[ACC206] The feature of cost accounting that ensures that the cost of operation must be less and benefit increases is economy



ACC201

[ACC210] The opinion which  is expressed by the auditor when the auditor concludes that the financial statements are prepared, in all material respect , in accordance with the applicable financial reporting standards unqualified opinion 
[ACC210] An intentional act by one or more individuals among management, those charged with governance  etc to obtain an unjust or illegal advantage is referred as------------ fraud 
[ACC210] The most comprehensive type of audit is the------------ system audit, which examines suitability and effectiveness of the system as awhole quality 
[ACC210] Which of the following is not one of the three main reasons why the auditor should properly plan engagements To avoid misunderstandings with the client 
[ACC210] when an auditor gives an assurance that nothing has come to his attention  which indicates that the financial statements have not been prepared according to the framework is called negative assurance 
[ACC210] Evidence obtained directly by the auditor is more competent than information obtained indirectly. Which of the following is not an example of the auditor’s direct knowledge Computation 
[ACC210] Which of the following best describes the Auditor’s responsibility for detecting fraud within the client: The auditor is responsible nfor detecting material error caused by fraud and reporting immaterial fraud to management if found. 
[ACC210] nWhat EXACTLY should be reported to the board under ISA265? Significant deficiencies in Internal Controls 
[ACC210] Which of the following best describes the responsibility of the board of directors in a company for dealing with the risk of fraud in the organisation? To design and implement controls to reduce the risk of fraud. 
[ACC210] Which of the following matters should be communicated by the auditor to ‘those charged with governance’?nni) Effect of accountingpolicies.nii) Potential risks discovered during risk assessment.niii) Any material adjustments to bemade.niv) Any disagreements between the auditor andmanagementn All of the options



ACC306

[ACC306] A responsibility center where profit is measured in relation to the capital invested is investment center 
[ACC306] If opening stock of materials is 4000 units. Purchases during the period is 20, 000 units and material balance at the end of the period is 7, 000 units. What is the quantity of materials consumed 17, 000 
[ACC306] The costing technique that focuses attention on cost drivers is known as Activity based costing 
[ACC306] The inclusion of overhead in the cost of a product or cost center is known as absorption of overheads 
[ACC306] A system which its outputs can be predicted accurately is known as deterministic system 
[ACC306] Which of the following would come first during budget preparation process sales budget 
[ACC306] The cost that shows that fixed cost increases at different range of activities is known as stepped fixed curve 
[ACC306] One of these overhead is a part of factory cost production overhead 
[ACC306] A system of cost accounting where there is no division between financial and cost accounting function in an organisation is integrated cost accounting system 
[ACC306] The costing method used in businesses that involves in mass production of standardized products is process costing

ACC311

[ACC311] One of the following is a method of keeping departmental account Accounts of one department are kept in one book only 
[ACC311] Amortization means Off-setting of debt over a given period of time 
[ACC311] The minimum and maximum number required for partnership business is 2-20 members 
[ACC311] The minimum and maximum number of private limited liability company is 2 to 50 shareholders 
[ACC311] One of the following is not basis for inter-Departmental transfer Earning before interest and tax 
[ACC311] The shares of public limited liability company are tranferable 
[ACC311] The following is not one of the advantages of departmental account It detects erros caused by management 
[ACC311] Cooperative societies are formed to Help members financially 
[ACC311] Two types of Departments are dependent and independent 
[ACC311] One of these is not forms of business organization Mutual company

ACC313

[ACC313] …….is a traditional method where all manufacturing costs are capitalised in the inventory Full absorption costing 
[ACC313] The primary function of cost accounting system is for use by managers …….. to facilitate decision making 
[ACC313] Expenses that are specifically incurred and charged for specific or particular job, process, service, cost centre or cost unit are… Direct expenses 
[ACC313] Irrespective of changes in the production level, …….. costs remain unchanged. Fixed Costs 
[ACC313] In the accounting literature, inventory valuation methods and cost accumulation methods are frequently referred to as …... cost accounting systems 
[ACC313] One of these is not cost accumulation method. First in, first out (FIFO) 
[ACC313] The type of costing method that is used in service sector to work out the cost of services offered to the consumers is….... Operating Costing 
[ACC313] The costs which must be incurred in order to continue operations of the firm is called……… Urgent Costs 
[ACC313] ……..is described as the resources that have been sacrificed or must be sacrificed to attain a particular objective. Cost 
[ACC313] …..may be defined as the technique and process of ascertaining costs. Costing

ACC318

[ACC318] In commencement rule, the right to election is open for only the _____ and ____ years Second and third year 
[ACC318] In computing consolidated relief allowance, you add the higher of ________ to 20% of gross income 1% of gross income and N200,000 
[ACC318] Balancing Adjustemnt would only arises when there is a ____ of qualifying capital expenditure Disposal 
[ACC318] The year of cessation is known as ____ year Ultimate 
[ACC318] Which of these companies would have a restriction of capital allowance claimable in any year of assessment Sammy Bank Plc 
[ACC318] _______ is a type of loss relief that is available  to only an individual current year 
[ACC318] ____________ is the relevant tax rate for companies in Nigeria 0.3 
[ACC318] For tax purposes, where a partner resigns, retires or dies, _______ rule is applied cessation rule 
[ACC318] Companies are assessed to tax on _____ basis Precedding year basis 
[ACC318] ___________ is a person that making a will Testator

ACC419

[ACC419] Wich of the following is not an example of of infrasstructure?: Mikkage 
[ACC419] The account opened to record the purchase of a business so as to determine whether the business is being purchased at a profit or at lost  is known as ________ Cost of control account. 
[ACC419] A holding company is presumed  to have a significant influence over another company if it holds  ____ or more of the shares of that company. 0.2 
[ACC419] Pre-acquisition reserve of the  subsidiary prior to its acquisition by the parent company are: Credited to cost of control account 
[ACC419] ____ is discounted to its present value using the acquiring entity’s cost of capital. Deferred consideration 
[ACC419] Exchange differences on translation of foreign operations are governed by IAS21 
[ACC419] A holding of ____ or more is presumed to amount to significant in influence. 0.2 
[ACC419] Negative goodwill is   _______- upon consolidation under IFRS 3. Taken to the consolidated income statement immediately 
[ACC419] Assets and liabilities are measured under the Purchase Method of preparing consolidated financial statements,  at __________ Fair market value at the date of acquisition 
[ACC419] Upon consolidation under IFRS 3, Negative goodwill is Taken to the consolidated income statement immediately



ACC411

[ACC411] The Objectives of the Financial Reporting Council(Section 11) are the following except to maintain cordial relationship among professional accounting bodies 
[ACC411] The types of standards issued by Internertional Audit and Assurance Standards Board but not International Standards on Review Management 
[ACC411] The potential threats to the independence and objectivity of the auditor includes Cultural 
[ACC411] The criminal offences connected with money laundering prohibition Act 2011 includes the foolowing except failure to incriminate an innocent person to the offence 
[ACC411] Stages in Money Laundering include but not Placement,  Layering and Integration 
[ACC411] The steps one - four  involved in assessing money laudering risk include but not maintaining records of action taken and the reasons for thes actions 
[ACC411] The main sources of audit practice regulations include these except Cultural 
[ACC411] In audit independence and objectivity, IFAC Code describes it as Independence in funding of activity 
[ACC411] Professional Ethical Practice Principlaes Include the these except Uniformity 
[ACC411] The auditing profession needs audit regulation for all these except to increase profits made by organizations

ACC101

[ACC101] The structure and content of the debit note is the same as invoice except it shows the details of Undercharge 
[ACC101] The taking and giving of values in business activity can be referred to as Transactions 
[ACC101] The seller is expected to issue which of the following instrument if the seller has overcharged the buyer on the invoice? Credit note 
[ACC101] If the buyer is undercharged on the invoice, which of the following document should the seller send? Debit note 
[ACC101] Given equity as #380,000 and liabilities as #120,000; determine the assets of the business. #500,000 
[ACC101] Which of the following cannot be cashed over the counter? Cross cheque 
[ACC101] Which of the following best describe a percentage reduction of amount the buyer is charged for goods bought? Trade discount 
[ACC101] Which of the following best describe a reduction in the amount that a buyer has to pay within a given period of sale? Cash discount 
[ACC101] Which of the following is not a reason for the seller to send the credit note? Undercharged on goods supplied 
[ACC101] Which of the following can best describe the circumstance where payment is made or received sometime after delivery? Credit transaction

ACC102

[ACC102] The use of electronic device in the posting and preparation of accounting records is called Mechanical Accounting System 
[ACC102] A manual system of accounting is cheaper to install in terms of …. cost 
[ACC102] ……….emphasizes the properties of being separate and discrete. Entity concept 
[ACC102] …. is the assumption that an entity will continue in operational existence for the foreseeable future. Going Concern Concept 
[ACC102] The manual accounting system refers to the keeping of accounting record by ….. Handwritten 
[ACC102] One of these is not a quality of good accounting information Promptiness 
[ACC102] The practice of dividing the life of an entity into discrete periods for the purpose of preparing financial statements is…. Periodicity Concept 
[ACC102] The grouping of accounts in reports and financial statements is called…… Account Types 
[ACC102] The concept  that assumes that the preparer should look at the economic substance of a transaction is… Substance Over Form Concept 
[ACC102] The need for accounting Information does not include one of the following The source of information must be verifiable



ACC201

[ACC201] General charges include the following except: Gratuity 
[ACC201] Non- resident companies uses……... assessment Turnover 
[ACC201] In circumstances where the financial records are unreliable, the relevant tax authority uses Best of Judgement 
[ACC201] Losses are now allowed to be carried forward………… Indefinitely 
[ACC201] If the taxable profits of Gold PLC is ₦10,000,000. What is the tax liability of the company? ₦3,000,000 
[ACC201] The year of cessation of trade or business is The ultimate year 
[ACC201] ………. is when an individual  creates a trust directly or indirectly Settler 
[ACC201] If Tochi's gross income is ₦8,000,000 calculate his consolidated relief allowance ₦3,800,000 
[ACC201] A tax payer who files early self assessment returns gets: 1% of tax payable 
[ACC201] A tax levied on each unit of a commmodity that is produced and sold is called …. Specific tax


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