TOPIC 1 (Part 1) ARFB123

Which of the following is a key purpose of accounting?

• Forecasting future stock prices

• Minimizing tax liabilities

• Providing information for decision-making

• Designing advertising campaigns

How many types of financial reports?

• Two

• Three

• Four

• Six

What is the FISRT NAME of accounting standard in Malaysia?

• Financial reporting standards (FRS)

• Malaysian accounting standards (MAS)

• Malaysian financial reporting standards (MFRS)

• Malaysian private entities reporting standards (MPERS)

Which is the bodies below is regards as proffessional bodies

• Bursa Malaysia

• Companies Commission of Malaysia (CCM)

• CPA Australia

• Malaysian Accounting Standard board (MASB)

What is a key reason for issuing accounting standards in Malaysia?

• To increase tax revenue

• To ensure consistency and transparency in financial reporting

• To reduce the number of financial audits

Which act governs financial reporting requirements for companies in Malaysia?

• Companies Act 2016

• Financial Reporting Act 1997

• Securities Commission Act 1993

Which of the following statements is correct regarding private entities (PE) in Malaysia?

• A private entity can choose to apply either the MFRS or MPERS

• A private entity is required to use MFRS

• A private entity must prepare financial statements under the regulations of the Securities Commission Malaysia.

Who is responsible for reviewing the performance of the MASB

• Bursa Malaysia

• Finacial Reporting Foundation (FRF)

• Interpretation committee

• Working group committee

What is Madam’s full name?

• Nur Shuhada Yaakob

• Nur Syuhada Yaakob

• Nur Shuhada Yaacob

• Nur Syuhada Yaacob

Which of the following is an example of a reporting entity?

• A student keeping monthly expenses

• A listed company

• A small family gathering

• A sports team without registration