FAR210 Topic 1 MAC1103A

Income Tax Act 1967 is one of the statutory regulations of financial accounting and reporting for Malaysian businesses. Select from the following a TRUE statement related to the Act:

• Its main functions are the encouragement and promotion of the development of the capital market in Malaysia through the regulation and enforcement of all matters relating to the securities industry.

• It is mainly concerned with ascertaining of chargeable income and tax receivable.

• Taxation is a business expense that needs to be reflected in the statement of financial position.

• Requires business to keep sufficient records to enable the income or loss from the business are readily ascertained by the Director General of Inland Revenue.

From the following situations, identify the INCORRECT statement relating to the Malaysian Institute of Accountants (MIA) and Malaysian Institute of Certified Public Accountants (MICPA) before the establishment of Malaysian Accounting Standard Board (MASB):

• Both are private sector accountancy bodies that could only regulate the practices of its members.

• They regularly review financial statement prepared and audited by their members

• Both bodies have the statutory power to enforce compliance.

• They take action against members who found guilty of non-compliance

The following represent the functions of Malaysian Accounting Standard Board (MASB):

i. To issue new accounting standards.

ii. To issues statements of principles for financial reporting

iii. To regulate the accountancy profession in Malaysia

iv. To make such changes to the form and content of proposed accounting standards

Select the CORRECT functions of Malaysian Accounting Standard Board (MASB).

• i, ii, iii, iv

• i, iii and iv

• ii, iii and iv

• i, ii, and iv

In 2023, how many years Malaysia has been independent?

• 60

• 65

• 66

• 70

From the following, find the INCORRECT statement about the reporting requirements for a private company:

• to submit its audited financial statements to the DG of Inland Revenue

• to comply with the Companies Act

• to comply with the Approved Accounting Standards

• to comply with the requirements of both the Securities Commission and the Bursa Malaysia

The following statements describe:

1. Has statutory power to enforce compliance;

2. Regulating all matters relating to securities and futures contracts; and

3. Encourage and promote the development of capital market.

• Bank Negara Malaysia

• Securities Commission

• Audit Oversight Board

• Bursa Malaysia

Who is this person?

• Vladimir Putin

  (President of Russia)
  

• Joe Biden (President of USA)

• Kim Jong Un (Supreme Leader of North Korea)

• Rishi Sunak (Prime Minister of the UK)

Find the BEST STATEMENT related to Malaysian Accounting Standard Board (MASB) Standard:

• MASB Standards were either identical or similar to the International Accounting Standards Committee (IASC).

• MASB Standards were developed with reference to the work of the Malaysia Accounting Standards (MAS).

• MASB Standards were effective for application as at January 1997.

• MASB Standard issue new accounting standard as approved accounting standards (AAS).

Which of the following statements that depict the roles of accountant to the society?

i. To uphold ethical standards accepted within the accounting profession.

ii. To in charge in developing standards and promoting the use and application of standards in financial statements preparation.

iii. To prepare financial statements that shows the true and fair view about the business for economic decision making.

iv. To exercise professional judgment in performing their roles as protectors of public interest.

v. To assist the company with corporate strategy, provide advice

• i, ii, iii and iv

• i, iii, iv and v

• ii, iii, iv and v

• i, ii, iv and v

Who is this person?

• Miss Siti Aisyah Binti Basri

• Madam Siti Aisyah Binti Basri

• Dr. Siti Aisyah Binti Basri

• Associate Professor Dr. Siti Aisyah Binti Basri