Question Tag: Sole Proprietorship

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TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships

Compute the assessable profit or loss for Kayode Oluwa Enterprises for the relevant years.

Question

a. Mr. Kayode Oluwa, a civil engineer, worked for XYZ Nigeria Limited for many years. He retired as the Chief Civil Engineer in 2010. He registered his enterprise under the name of Kayode Oluwa Enterprises and commenced business in 2011.

He appointed you as his tax consultant and submitted his financial records showing the following results:

Year Ended December 31	Amount (N)
2015	1,360,000
2016	(1,900,000)
2017	2,300,000
2018	2,700,000

Required:
Compute the assessable profit/(loss) for the relevant years of assessment. (12 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assessable Profit, Financial Records, Loss carry forward, Sole Proprietorship, Tax computation
Level: Level 1

Topic: Taxation of Partnerships and Sole Proprietorships
Series: NOV 2020

BMF – Nov 2014 – L1 – SB – Q1 – Business and Organizational Structures and Choices

Discuss the features of a sole proprietorship and the characteristics of a public limited liability company.

Question

The business environment comprises a diversity of business organizations ranging from very simple enterprises to huge multinational corporations.

a. Identify FIVE features of a sole proprietorship. (10 Marks)
b. Identify FIVE characteristics of a Public Limited Liability Company. (10 Marks)

(Total 20 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Structures, Public Limited Liability Company, Sole Proprietorship
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: NOV 2014

BMIS – Nov 2019 – L1 – Q1a – The Business Organization and its Stakeholders

Explain three business types available to individuals venturing into business.

Question

Kofi Stone, Ama Black and Adwoa Sika who were your students at the Ultimate Business School have decided to venture into business after their National Service which ends in the next three months. They have approached you for your advice on the type(s) of business(es) which they should invest in, considering the country’s economic environment.

Required:
Explain THREE (3) business types available to them. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Types, Limited Liability Company, Partnership, Sole Proprietorship
Level: Level 1

Topic: The Business Organisation and its Stakeholders
Series: NOV 2019

BL – Nov 2022 – L1 – SB – Q1b – Company Law

Explaining the main features of sole proprietorship as a business organization.

Question

The Companies and Allied Matters Act (CAMA) recognizes different forms of business organizations.

Required:
Explain briefly three main features of sole proprietorship as a business organization.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Formation, Company Law, Sole Proprietorship
Level: Level 1

Topic: Company Law
Series: NOV 2022

BL – May 2022 – L1 – SA – Q4 – Partnership Law

Identify the fundamental ground that distinguishes a partnership from a sole proprietorship.

Question

A fundamental ground upon which a partnership is distinct from a sole-proprietorship is
A. Authorised share capital
B. Financial accounts
C. Asset turnout
D. Debt recovery procedure
E. Legal minimum of membership

Answer

Find Related Questions by Tags, levels, etc.

Tags: Legal Membership, Partnership Law, Sole Proprietorship
Level: Level 1

Topic: Partnership Law
Series: MAY 2022

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

Question

The nature and structure of business entities determine largely their accounting systems and processes.

On the basis of the above, you are required to explain seven advantages of a limited liability company over a sole proprietorship business.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Company Structure, Limited Liability, Sole Proprietorship
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: MAY 2021

PT – Mar 2024 – L2 – Q3b – Income Tax Liabilities

State the basis periods for a sole proprietorship, company, trust, and partner in a partnership.

Question

State the Basis Periods for the following persons as provided in the Income Tax Act, 2015 (Act 896):

i) A sole proprietorship
ii) A company
iii) A trust
iv) A partner of a partnership

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basis Period, Company, Income Tax Act, Partnership, Sole Proprietorship, Trust
Level: Level 2

Topic: Income Tax Liabilities
Series: MAR 2024

AT – May 2020 – L3 – Q5c – Tax planning

Explain how the income of Lydia Waakye, a 16-year-old sole proprietress with a supermarket shop, will be subject to tax

Question

Lydia Waakye aged 16 years old is a sole proprietress with a big super market shop and makes income of an amount of GH¢40,000 per annum over the last 3 years.

Required: How will the income be subject to tax?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Minor's income, Sole Proprietorship, Tax liability of minors
Level: Level 3

Topic: Tax planning
Series: MAY 2020

AT – NOV 2021 – L3 – Q1c – Tax Planning

Outlines tax planning measures that can be used to reduce tax liability for a sole proprietorship business.

Question

Evaluate FOUR (4) tax planning measures that you can adopt in your desire to form a sole proprietorship business. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Personal Deductions, Sole Proprietorship, Tax Planning, Tax Reliefs, Tax Savings
Level: Level 3

Topic: Tax planning
Series: NOV 2021

AT – MAR 2024 – L3 – Q5b – Tax Administration in Ghana

Discusses the restrictions on foreign business activities and the tax benefits of sole proprietorship versus limited liability companies.

Question

You are an external consultant to the Ministry of Trade and Industry. The Minister has received a delegation of both foreigners and Ghanaians to deliberate on investment opportunities available in Ghana.

Required:
i) Business activities that cannot be engaged in by foreigners. (5 marks)
ii) The tax benefits of establishing a sole proprietorship business as against a limited liability company. (5 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Restrictions, Business Structures, Foreign Investment, Foreigners, Limited Liability Company, Sole Proprietorship, Tax Benefits
Level: Level 3

Topic: Tax administration in Ghana
Series: MAR 2024

TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships

Compute the assessable profit or loss for Kayode Oluwa Enterprises for the relevant years.

Question

He appointed you as his tax consultant and submitted his financial records showing the following results:

Year Ended December 31	Amount (N)
2015	1,360,000
2016	(1,900,000)
2017	2,300,000
2018	2,700,000

Required:
Compute the assessable profit/(loss) for the relevant years of assessment. (12 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Assessable Profit, Financial Records, Loss carry forward, Sole Proprietorship, Tax computation
Level: Level 1

Topic: Taxation of Partnerships and Sole Proprietorships
Series: NOV 2020

BMF – Nov 2014 – L1 – SB – Q1 – Business and Organizational Structures and Choices

Discuss the features of a sole proprietorship and the characteristics of a public limited liability company.

Question

The business environment comprises a diversity of business organizations ranging from very simple enterprises to huge multinational corporations.

a. Identify FIVE features of a sole proprietorship. (10 Marks)
b. Identify FIVE characteristics of a Public Limited Liability Company. (10 Marks)

(Total 20 Marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Structures, Public Limited Liability Company, Sole Proprietorship
Level: Level 1

Topic: Business and Organizational Structures and Choices
Series: NOV 2014

BMIS – Nov 2019 – L1 – Q1a – The Business Organization and its Stakeholders

Explain three business types available to individuals venturing into business.

Question

Required:
Explain THREE (3) business types available to them. (6 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Types, Limited Liability Company, Partnership, Sole Proprietorship
Level: Level 1

Topic: The Business Organisation and its Stakeholders
Series: NOV 2019

BL – Nov 2022 – L1 – SB – Q1b – Company Law

Explaining the main features of sole proprietorship as a business organization.

Question

The Companies and Allied Matters Act (CAMA) recognizes different forms of business organizations.

Required:
Explain briefly three main features of sole proprietorship as a business organization.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Formation, Company Law, Sole Proprietorship
Level: Level 1

Topic: Company Law
Series: NOV 2022

BL – May 2022 – L1 – SA – Q4 – Partnership Law

Identify the fundamental ground that distinguishes a partnership from a sole proprietorship.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Legal Membership, Partnership Law, Sole Proprietorship
Level: Level 1

Topic: Partnership Law
Series: MAY 2022

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

Question

The nature and structure of business entities determine largely their accounting systems and processes.

On the basis of the above, you are required to explain seven advantages of a limited liability company over a sole proprietorship business.

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Entities, Company Structure, Limited Liability, Sole Proprietorship
Level: Level 1

Topic: Roles of Accountants in Business and the Economy
Series: MAY 2021

PT – Mar 2024 – L2 – Q3b – Income Tax Liabilities

State the basis periods for a sole proprietorship, company, trust, and partner in a partnership.

Question

State the Basis Periods for the following persons as provided in the Income Tax Act, 2015 (Act 896):

i) A sole proprietorship
ii) A company
iii) A trust
iv) A partner of a partnership

Answer

Find Related Questions by Tags, levels, etc.

Tags: Basis Period, Company, Income Tax Act, Partnership, Sole Proprietorship, Trust
Level: Level 2

Topic: Income Tax Liabilities
Series: MAR 2024

AT – May 2020 – L3 – Q5c – Tax planning

Explain how the income of Lydia Waakye, a 16-year-old sole proprietress with a supermarket shop, will be subject to tax

Question

Lydia Waakye aged 16 years old is a sole proprietress with a big super market shop and makes income of an amount of GH¢40,000 per annum over the last 3 years.

Required: How will the income be subject to tax?

Answer

Find Related Questions by Tags, levels, etc.

Tags: Minor's income, Sole Proprietorship, Tax liability of minors
Level: Level 3

Topic: Tax planning
Series: MAY 2020

AT – NOV 2021 – L3 – Q1c – Tax Planning

Outlines tax planning measures that can be used to reduce tax liability for a sole proprietorship business.

Question

Evaluate FOUR (4) tax planning measures that you can adopt in your desire to form a sole proprietorship business. (4 marks)

Answer

Find Related Questions by Tags, levels, etc.

Tags: Personal Deductions, Sole Proprietorship, Tax Planning, Tax Reliefs, Tax Savings
Level: Level 3

Topic: Tax planning
Series: NOV 2021

AT – MAR 2024 – L3 – Q5b – Tax Administration in Ghana

Discusses the restrictions on foreign business activities and the tax benefits of sole proprietorship versus limited liability companies.

Question

Answer

Find Related Questions by Tags, levels, etc.

Tags: Business Restrictions, Business Structures, Foreign Investment, Foreigners, Limited Liability Company, Sole Proprietorship, Tax Benefits
Level: Level 3

Topic: Tax administration in Ghana
Series: MAR 2024

Question Tag: Sole Proprietorship

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TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships

Compute the assessable profit or loss for Kayode Oluwa Enterprises for the relevant years.

You're reporting an error for "TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships"

BMF – Nov 2014 – L1 – SB – Q1 – Business and Organizational Structures and Choices

Discuss the features of a sole proprietorship and the characteristics of a public limited liability company.

You're reporting an error for "BMF – Nov 2014 – L1 – SB – Q1 – Business and Organizational Structures and Choices"

BMIS – Nov 2019 – L1 – Q1a – The Business Organization and its Stakeholders

Explain three business types available to individuals venturing into business.

You're reporting an error for "BMIS – Nov 2019 – L1 – Q1a – The Business Organization and its Stakeholders"

BL – Nov 2022 – L1 – SB – Q1b – Company Law

Explaining the main features of sole proprietorship as a business organization.

You're reporting an error for "BL – Nov 2022 – L1 – SB – Q1b – Company Law"

BL – May 2022 – L1 – SA – Q4 – Partnership Law

Identify the fundamental ground that distinguishes a partnership from a sole proprietorship.

You're reporting an error for "BL – May 2022 – L1 – SA – Q4 – Partnership Law"

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

You're reporting an error for "FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy"

PT – Mar 2024 – L2 – Q3b – Income Tax Liabilities

State the basis periods for a sole proprietorship, company, trust, and partner in a partnership.

You're reporting an error for "PT – Mar 2024 – L2 – Q3b – Income Tax Liabilities"

AT – May 2020 – L3 – Q5c – Tax planning

Explain how the income of Lydia Waakye, a 16-year-old sole proprietress with a supermarket shop, will be subject to tax

You're reporting an error for "AT – May 2020 – L3 – Q5c – Tax planning"

AT – NOV 2021 – L3 – Q1c – Tax Planning

Outlines tax planning measures that can be used to reduce tax liability for a sole proprietorship business.

You're reporting an error for "AT – NOV 2021 – L3 – Q1c – Tax Planning"

AT – MAR 2024 – L3 – Q5b – Tax Administration in Ghana

Discusses the restrictions on foreign business activities and the tax benefits of sole proprietorship versus limited liability companies.

You're reporting an error for "AT – MAR 2024 – L3 – Q5b – Tax Administration in Ghana"

TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships

Compute the assessable profit or loss for Kayode Oluwa Enterprises for the relevant years.

You're reporting an error for "TAX – Nov 2020 – L1 – SA – Q1a – Taxation of Partnerships and Sole Proprietorships"

BMF – Nov 2014 – L1 – SB – Q1 – Business and Organizational Structures and Choices

Discuss the features of a sole proprietorship and the characteristics of a public limited liability company.

You're reporting an error for "BMF – Nov 2014 – L1 – SB – Q1 – Business and Organizational Structures and Choices"

BMIS – Nov 2019 – L1 – Q1a – The Business Organization and its Stakeholders

Explain three business types available to individuals venturing into business.

You're reporting an error for "BMIS – Nov 2019 – L1 – Q1a – The Business Organization and its Stakeholders"

BL – Nov 2022 – L1 – SB – Q1b – Company Law

Explaining the main features of sole proprietorship as a business organization.

You're reporting an error for "BL – Nov 2022 – L1 – SB – Q1b – Company Law"

BL – May 2022 – L1 – SA – Q4 – Partnership Law

Identify the fundamental ground that distinguishes a partnership from a sole proprietorship.

You're reporting an error for "BL – May 2022 – L1 – SA – Q4 – Partnership Law"

FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy

Explain seven advantages of a limited liability company over a sole proprietorship business.

You're reporting an error for "FA – May 2021 – L1 – SB – Q5a – Roles of Accountants in Business and the Economy"

PT – Mar 2024 – L2 – Q3b – Income Tax Liabilities

State the basis periods for a sole proprietorship, company, trust, and partner in a partnership.

You're reporting an error for "PT – Mar 2024 – L2 – Q3b – Income Tax Liabilities"

AT – May 2020 – L3 – Q5c – Tax planning

Explain how the income of Lydia Waakye, a 16-year-old sole proprietress with a supermarket shop, will be subject to tax

You're reporting an error for "AT – May 2020 – L3 – Q5c – Tax planning"

AT – NOV 2021 – L3 – Q1c – Tax Planning

Outlines tax planning measures that can be used to reduce tax liability for a sole proprietorship business.

You're reporting an error for "AT – NOV 2021 – L3 – Q1c – Tax Planning"

AT – MAR 2024 – L3 – Q5b – Tax Administration in Ghana

Discusses the restrictions on foreign business activities and the tax benefits of sole proprietorship versus limited liability companies.

You're reporting an error for "AT – MAR 2024 – L3 – Q5b – Tax Administration in Ghana"

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