QUIZ Accounting & Taxation Course 27 Nov 23

What is Accounting Equation?

• Assets= Owner Equity + Liability
• Assets= Owner Equity - Liability
• Owner Equity= Assets + Liability
• Liability = Assets + Owner Equity

Which of the following statements explains the consistency concept?

• A loss will be recognised immediately if there is a high probability for it to occur.
• Once a particular accounting method has been adopted, it should be followed consistently in subsequent periods.
• It is always assumed that a business has an indefinite life unless there is evidence indicating otherwise.
• Expenses incurred in order to generate revenues are being recognised in the same accounting period.

Which of the following is classified as liabilities?

• Account Payables
• Loan To Maria
• Buildings
• Cash at bank

2. One example of external users of accounting information is____________

• Auditor
• Sales Manager
• Existing investor
• Company worker

2. Which statement is true about a Non Current Asset?

• Asset are held temporarily as a stage in the profit earning cycle which is within one year
• Total resources invested in business
• Can be divided into two, tangible asset and intangible asset
• Expenses when operating the business

Which of the following is NOT a type of tax relief available for individuals in Malaysia?

• EPF/CPF contributions
• Life insurance premiums
• Child education
• Petrol prices

Which type of tax is imposed on the sales and provision of taxable goods and services in Malaysia?

• Income Tax
• Property Tax
• Goods & Services Tax (GST)
• Sales & Services Tax (SST)

What is the tax year in Malaysia?

• April 1st to March 31st
• June 1st to May 31st
• January 1st to December 31st
• October 1st to September 30th

What is the penalty for late filing of tax returns in Malaysia?

• 5% of the tax amount owed
• 10% of the tax amount owed
• 15% of the tax amount owed
• 20% of the tax amount owed

What is the maximum amount of tax relief for lifestyle in Malaysia for year 2023?

• RM2,500
• RM3,000
• RM500
• RM5,500