1. Syntax limited reported a profit before tax of 150,000 cedis. The profit was arrived at after considering; provision for doubtful debt of 10000 cedis, Specific bad debt written off 2,000 cedis, depreciation 5000, financial gain 10,000, financial cost 30,000. Capital allowance of 5,000. Calculate the Adjusted Chargeable income of ABC limited? A. 270,000 cedis B. 170,000 cedis C. 172,000 cedis D. 190,000 cedis E. 200,000 cedis

2. Which of the following refers to a tax imposed on some selected imported and locally manufactured goods such as alcoholic drinks, tobacco, and petroleum products? A. Import duty B. Stamp duty C. Excise duty D. Excise tax stamp E. Covid levy

3. Ansu has a monthly total cash emolument of GH30,000. He is provided a car with fuel and driver by the employer. Calculate his car element benefit in kind. A. GH3750 B. GH500 C. GH600 D. GH3,000 E. GH2,000

4. What is the applicable capital allowance rate for Class 2 assets? A. 20% reducing balance B. 10% reducing balance C. 20% straight line D. 10% straight line E. 30% reducing balance

5. ABC limited reported a profit before tax of 350,000 cedis. The profit was arrived at after considering; provision for doubtful debt of 5000 cedis, Specific bad debt written off 2,000 cedis, depreciation 4000. Capital allowance of 5,000. Calculate the Chargeable income of ABC limited? A. 350,000 cedis B. 354,000 cedis C. 359,000 cedis D. 356,000 cedis E. 355,000 cedis

6. ABC ltd has recently experienced a tax increase of 5 cedis on their manufactured goods. The company managed to shift the tax unto the consumers by increasing the their selling price from 10 cedis to 15 cedis. The change in price had no effect on the quantity demanded. What type of demanded is exhibited in the scenario above? A. Perfectly inelastic demand B. Perfectly elastic demand C. inelastic demand D. fairly inelastic E. unitary elasti

7. ABC ltd has recently experienced a tax increase of 5 cedis on their manufactured goods. The company managed to shift the tax unto the consumers by increasing the their selling price from 10 cedis to 15 cedis. The change in price had no effect on the quantity demanded. What type of demanded is exhibited in the scenario above? A. Perfectly inelastic demand B. Perfectly elastic demand C. inelastic demand D. fairly inelastic E. unitary elasti

Which of the following is not a feature of a direct tax? A. It is levied on the person receiving the income B. The tax burden can be passed on to another person C. The incidence of tax cannot be shifted D. The tax is not transferable

Which of the following refers to a tax levied on any gains made from the realization or sale of a chargeable asset where the gain exceeds GH50.00 A. Rent income tax B. Income tax C. Property tax D. Capital gains tax E. withholding tax

For the purposes of Section 4(3) of Act 896, an amount, benefit, or allowance is a gain of profit from employment, if the amount, benefit, or allowance is provided in respect of past, present, or prospective employment A. True B. False

kwaku has a monthly total cash emolument of GH30,000. He is provided furnishing only by his employer. Calculate his rent element benefit in kind. A. GH1,000 B. GH500 C. GH750 D. GH1250 E. GH3,000

Kwabena Manu was employed on 1/03/2021 on an annual salary scale of 12,000 X 2,000 - 40,0000. what will be his annual basic salary in 2022. A. GH18,667 B. GH12,000 C. GH14,000 D. GH13,667 E. GH24,000

A company declared a net profit of 300,000 cedis for the 2022. The expense for repairs and improvement for the year was 6,000. The written down value of the related pool was 60,000 cedis. The corporate tax rate applicable is 30%. What is the corporate tax liability of the firm in 2022? A. 90,000 B. 90900 C. 91,800 D. 92,700 E. 91,000

AZ Limited has a written down value of machinery as 70,000 at the end of the year 2020. The machinery is the only asset in the pool. The repairs and improvement cost incurred during the year was 3500 cedis? How much of the repairs and improvement cost will be capitalized? A. 4,000 cedis B. 7,000 cedis C. 5,500 cedis D. 4,500 cedis E. 3,500 cedis

Asanka limited experienced an increase in the tax on its output by 5% but could only increase the selling price by 2% due to possible comsumer boycott. What is the nature of demand for such products? A. fairly elastic B. Fairly inelastic C. perfectly elastic D. Perfectly inelastic E. Unitary elastic

Which of the following is not a source of tax rules in Ghana? A. Domestic legislation B. Court cases and rulings C. International tax treaties D. Financial pronouncements by the President of Ghana E. tax articles

Manza limited reported a profit before tax of 450,000 cedis. The profit was arrived at after considering; provision for doubtful debt of 5000 cedis, Specific bad debt written off 2,000 cedis, depreciation 4000, financial gain 10,000, financial cost 30,000. Capital allowance of 5,000. Calculate the Adjusted Chargeable income of ABC limited? A. 470,000 cedis B. 474,000 cedis C. 479,000 cedis D. 476,000 cedis E. 475,000 cedis

Which tax system follows an accelerating schedule, which requires that high-income earners pay high amount of tax than low-income earners? A. Proportional tax B. Regressive tax C. Indirect tax D. Progressive tax E. Aggressive tax

Which of the following does not constituent an income from invesment activities? A. royalties B. rent income C. interest charges D. business profit E. dividend

Agyeman has a monthly total cash emolument of GH30,000. He occupies shared accommodation provided for by his employer. Calculate his rent element benefit in kind. A. GH1,000 B. GH500 C. GH750 D. GH1250 E. GH3,000