Chapter 1

"To issue statements of accounting principles for financial reporting".

Which regulatory body is responsible for the above function?

• Bank Negara Malaysia

• Registrar of Company

• Financial Reporting Foundation (FRF)

• Malaysian Accounting Standards Board (MASB)

Choose incorrect component in a financial report

• Annual reports

• Future prospects

• Meeting resolution

• Footnote disclosures

When did Financial Reporting Act 1997 was passed and gazette in Parliament?

• 6 March 1997

• 8 March 1997

• 6 December 1996

• 8 December 1996

_______ is regulating capital market in Malaysia.

• Ministry of Finance

• Registrar of Company

• Bank Negara Malaysia

• Securities Commission

How many days of duration does the accountants are allowed to take to record completed transactions?

• 30 days

• 60 days

• 90 days

• None of the above

Select the accounting items which have been abolished from the Companies Act 20

• I, II and III

• I, II and IV

• II, III and III

• All of the above

Clarification of dividend includes the following EXCEPT

• Company must satisfy its solvency test /

• Company must pay the dividend on yearly basis

• Company must be able to pay debts when dividend is paid

• Company must hold value of assets greater than its liabilities

Company is required to lodge annual return within 30 days of the_____ of company's incorporation date.

• interim

• provision

• anniversary

• qualification

Examples of records to be kept by companies are:

I. Cash books

11. Sales receipts

III Bank statements

IV. Purchase ledgers

• I, II and III

• I, II and III

• II, III and IV

• All of the above

The following is listing the directors' responsibilities EXCEPT

• Public hearing on company's performance

• Prepare financial statements on yearly basis

• Circulate financial statements to shareholders

• Lodge annual return to Registrar of Companies