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

All the reporting entities below are prepare financial reports and submit them to regulatory bodies, EXCEPT:

• Sole proprioetership

• Partnership

• Company

• Society

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

What is the main accounting standard-setting body in Malaysia?

• Malaysian Institute of Accountants (MIA)

• Malaysian Accounting Standards Board (MASB)

• Securities Commission Malaysia (SC)

What does the MASB consider when adopting a new accounting standard

• Political influence

• Impact on small and medium enterprises (SMEs)

• Taxation policies

• Implementation issues raised by users of the MFRS

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

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

• A private entity is required to use only the MFRS framework.

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