Small Business – NBC Institute

ATAX – May 2017 – L3 – Q6b – Corporate Tax Compliance and Reporting

Compute the Companies Income Tax liability for small businesses using the small business rate and explain the computations.

Question

You have been provided with the following information in respect of THREE small businesses:

You are required to:
i. Compute the Companies Income Tax liability for each of the companies for the relevant assessment year, using the small business rate. (3 Marks)
ii. Give reasons for your computations. (5 Marks)

Answer

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Tags: Companies Income Tax, Profit, Revenue, Small Business, Tax computation
Level: Level 3

Topic: Corporate Tax Compliance and Reporting

AAA – Nov 2013 – L3 – AII – Q7 – Audit of Specialized Industries

Addresses the accounting practices of farmers and incomplete record-keeping.

Question

Farmers usually operate as …………………, in which case they keep incomplete records.

Answer

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Tags: Audit Procedures, Farmers, Incomplete Records, Small Business, Specialized Industries
Level: Level 3

Topic: Audit of Specialized Industries
Series: NOV 2013

MI – May 2016 – L1 – SB – Q2b – Accounting for Cost Elements

Perform cost analysis for a small manufacturer with given data.

Question

Mr. Kogberegbe, a small manufacturer, has approached you as a Cost Accountant with the following data:

Sales Forecast

Additional information:
• Purchases are 45% of selling price and are paid for two months after
delivery. Delivery is in the month of sales.
• Collections from sales are 25% in the month of sales less 2% cash discount,
55%in the month after salesand the balance in the third month after sales.
• Production overheads are paid in the same month in which they are
incurred and this amounts to N1,240,000 per month. Included in
this amountaredepreciationof N70,000 andprepaidrent of N500,000.
• Other expenses are paid for in arrears and these amount to N620,000 per
month.
• New plant of N540,000 will be bought in the month of January and
installed at acostof N75,000 the following month.
• Bank opening balance as at August 2016 shows an overdraft of
N2,150,000 and interest is charged at 3% of drawn down balance. I g n o r e
other bank charges

Required:
Prepare a cash budget for Mr. Kogberegbe’s business for the three months i.e,
September to November, 2016. Calculate the values to the nearest naira and show
all your workings.

Answer

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Tags: Cost Accounting, Cost Analysis, Small Business
Level: Level 1

Topic: Accounting for Cost Elements
Series: MAY 2016

PT – May 2020 – L2 – Q2d – Value-Added Tax (VAT)

Discusses the conditions under which a small business can apply for VAT registration without meeting the threshold requirements.

Question

Abah Enterprise is a small business but intends to bid for government contracts. It has a very small cash flow, with turnover unable to be registered under the compulsory registration arrangement for Value Added Tax. The proprietor of Abah Enterprise feels that if the enterprise is not registered for Value Added Tax, it will be difficult to be able to bid for government contracts.

Required:
Under what condition can Abah Enterprise apply to Ghana Revenue Authority for Value Added Tax Registration without meeting the threshold registration requirements under section 6 of the Value Added Tax Act 2013 (Act 870)?
(5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Small Business, Tax Administration, Threshold, VAT Registration
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: MAY 2020

ATAX – May 2017 – L3 – Q6b – Corporate Tax Compliance and Reporting

Compute the Companies Income Tax liability for small businesses using the small business rate and explain the computations.

Question

You have been provided with the following information in respect of THREE small businesses:

Answer

Find Related Questions by Tags, levels, etc.

Tags: Companies Income Tax, Profit, Revenue, Small Business, Tax computation
Level: Level 3

Topic: Corporate Tax Compliance and Reporting

AAA – Nov 2013 – L3 – AII – Q7 – Audit of Specialized Industries

Addresses the accounting practices of farmers and incomplete record-keeping.

Question

Farmers usually operate as …………………, in which case they keep incomplete records.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Audit Procedures, Farmers, Incomplete Records, Small Business, Specialized Industries
Level: Level 3

Topic: Audit of Specialized Industries
Series: NOV 2013

MI – May 2016 – L1 – SB – Q2b – Accounting for Cost Elements

Perform cost analysis for a small manufacturer with given data.

Question

Mr. Kogberegbe, a small manufacturer, has approached you as a Cost Accountant with the following data:

Sales Forecast

Required:
Prepare a cash budget for Mr. Kogberegbe’s business for the three months i.e,
September to November, 2016. Calculate the values to the nearest naira and show
all your workings.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Cost Accounting, Cost Analysis, Small Business
Level: Level 1

Topic: Accounting for Cost Elements
Series: MAY 2016

PT – May 2020 – L2 – Q2d – Value-Added Tax (VAT)

Discusses the conditions under which a small business can apply for VAT registration without meeting the threshold requirements.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Small Business, Tax Administration, Threshold, VAT Registration
Level: Level 2

Topic: Value-Added Tax (VAT), Customs, and Excise Duties
Series: MAY 2020

Question Tag: Small Business

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ATAX – May 2017 – L3 – Q6b – Corporate Tax Compliance and Reporting

Compute the Companies Income Tax liability for small businesses using the small business rate and explain the computations.

AAA – Nov 2013 – L3 – AII – Q7 – Audit of Specialized Industries

Addresses the accounting practices of farmers and incomplete record-keeping.

MI – May 2016 – L1 – SB – Q2b – Accounting for Cost Elements

Perform cost analysis for a small manufacturer with given data.

PT – May 2020 – L2 – Q2d – Value-Added Tax (VAT)

Discusses the conditions under which a small business can apply for VAT registration without meeting the threshold requirements.

ATAX – May 2017 – L3 – Q6b – Corporate Tax Compliance and Reporting

Compute the Companies Income Tax liability for small businesses using the small business rate and explain the computations.

AAA – Nov 2013 – L3 – AII – Q7 – Audit of Specialized Industries

Addresses the accounting practices of farmers and incomplete record-keeping.

MI – May 2016 – L1 – SB – Q2b – Accounting for Cost Elements

Perform cost analysis for a small manufacturer with given data.

PT – May 2020 – L2 – Q2d – Value-Added Tax (VAT)

Discusses the conditions under which a small business can apply for VAT registration without meeting the threshold requirements.

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ATAX – May 2017 – L3 – Q6b – Corporate Tax Compliance and Reporting

Compute the Companies Income Tax liability for small businesses using the small business rate and explain the computations.

You're reporting an error for "ATAX – May 2017 – L3 – Q6b – Corporate Tax Compliance and Reporting"

AAA – Nov 2013 – L3 – AII – Q7 – Audit of Specialized Industries

Addresses the accounting practices of farmers and incomplete record-keeping.

You're reporting an error for "AAA – Nov 2013 – L3 – AII – Q7 – Audit of Specialized Industries"

MI – May 2016 – L1 – SB – Q2b – Accounting for Cost Elements

Perform cost analysis for a small manufacturer with given data.

You're reporting an error for "MI – May 2016 – L1 – SB – Q2b – Accounting for Cost Elements"

PT – May 2020 – L2 – Q2d – Value-Added Tax (VAT)

Discusses the conditions under which a small business can apply for VAT registration without meeting the threshold requirements.

You're reporting an error for "PT – May 2020 – L2 – Q2d – Value-Added Tax (VAT)"

ATAX – May 2017 – L3 – Q6b – Corporate Tax Compliance and Reporting

Compute the Companies Income Tax liability for small businesses using the small business rate and explain the computations.

You're reporting an error for "ATAX – May 2017 – L3 – Q6b – Corporate Tax Compliance and Reporting"

AAA – Nov 2013 – L3 – AII – Q7 – Audit of Specialized Industries

Addresses the accounting practices of farmers and incomplete record-keeping.

You're reporting an error for "AAA – Nov 2013 – L3 – AII – Q7 – Audit of Specialized Industries"

MI – May 2016 – L1 – SB – Q2b – Accounting for Cost Elements

Perform cost analysis for a small manufacturer with given data.

You're reporting an error for "MI – May 2016 – L1 – SB – Q2b – Accounting for Cost Elements"

PT – May 2020 – L2 – Q2d – Value-Added Tax (VAT)

Discusses the conditions under which a small business can apply for VAT registration without meeting the threshold requirements.

You're reporting an error for "PT – May 2020 – L2 – Q2d – Value-Added Tax (VAT)"

Our offerings

Contact Info

Customer

Get In Touch

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