Forging Career Paths with Deloitte - Individual Competition

ABC Sdn Bhd purchased a van for RM100,000 on 1 January 2022. The van has a useful life of 10 years and a residual value of RM10,000. By using the straight line method, calculate the depreciation.

• RM11,000

• RM10,000

• RM9,000

• RM8,000

What audit procedure should the auditor carry out to verify the rights and obligations associated with the motor vehicle?

• Send a confirmation letter to the government

• Inspect the purchase invoice

• Send a confirmation letter to the seller

• Physical inspection

XYZ Sdn Bhd purchased a new van for RM100,000 on 1 January 2022 for delivery purposes.

How much capital allowance can be claimed by XYZ Sdn Bhd ?

• RM1,000

• RM10,000

• RM14,000

• RM100,000

Assuming the company basis period of year of assessment ended at 31/12/2023.

When does the company need to furnish income tax computation (Form C) ?

• 31/5/2023

• 30/6/2023

• 31/7/2023

• 31/8/2023

What are the conditions to claim for capital allowance ? 

You may choose more than one answer.

• He must carry on a business.

• The plant is used for business purposes.

• He must incur qualifying expenditure.

• He must not be the owner of plant at the end of basis period

What condition must the company fulfill for the expenses to be eligible for deduction? 

• Expenses incurred for non-business purposes

• Expenses that are not wholly and exclusively incurred for production of income

• Expenses wholly and exclusively incurred for production of income

• Expenses that are incurred by employees

What is an audit ? 

• To ensure that financial statements are 100% accurate

• Evaluation of financial records, statements, and processes of an organization

• Prepare financial statements such as SOFP, SOPL

What does a tax agent normally do?

• Prepare financial statements

• Ensure financial statements present a true and fair view

• Liaise with the Inland Revenue Board on behalf of the client

• Express an opinion on financial statements.

Choose all the audit assertions related to Statement of Financial Position.

You may choose more than one answer.

• Existence

• Classification

• Cut-off

• Accuracy, Valuation & Allocation

Which of the following is a direct tax?

• Sales Tax

• Service Tax

• Income Tax

• Property Tax