dec 23

Which of the following best describe the primary purpose of the establishment of the Malaysian Institute of Accountants (MIA) in 1967?

• To regulate the practice of the accounting profession in Malaysia.

• to provide accounting education to the public.

• To oversee the Securities Commission.

• To manage Bursa Malaysia's listing requirements.

Identify which of the following is responsible for setting accounting standards for financial reporting before the Financial Reporting Act 1997 was enacted?

• Securities Commission

• Bursa Malaysia

• Malaysian Accounting Standards Board (MASB)

• Malaysian Institute of Accountants and Malaysian Institute of Certified Public

  Accountants

Which of the following is the main provision of Financial Reporting Act of 1997 in Malaysia?

• Ensuring compliance with the approved accounting standards

• Regulating the stock market

• Setting income tax rates

• Governing company incorporation

Section 245 Companies Act 2016 requires companies to maintain proper records to achieve a true and fair view. Which of the requirements below is INCORRECT?

• Kept proper audited financial statement.

• The account must be prepared in English only.

• Entered the accounting records within 60 days of the completion of transactions.

• The records must be retained for 7 years.

Which of the following statements is the function of Financial Reporting Foundation?

• To revise approved accounting standard.

• to issue a statement of principles for financial reporting.

• To perform other functions as prescribed by the Minister of Finance.

• To develop conceptual framework for the purpose of evaluating proposed

  accounting standard.

Which of the following is not the reporting requirements of a sole proprietorship business?

• to ensure that the financial statements must be audited.

• to comply with the approved accounting standards in the preparation and

  presentation of its financial statements.

• to submit its financial statements to the Director General of Inland Revenue for the

  purpose of determining assessable income under the Income Tax Act.

• None of the above.

The Securities Commission Malaysia (SC) is responsible for regulating and supervising various aspects of the capital markets. Which of the following is NOT within the scope of SC’s responsibilities?

• Approving initial public offerings (IPOs) of companies

• Ensuring the fair treatment of investors

• Enforcing rules and regulations on securities trading

• Regulating corporate taxation rates

The Malaysian Accounting Standards Board (MASB) is responsible for issuing accounting standards in Malaysia. How does MASB ensure that these standards align with international best practices?

• By adopting the accounting standards of other countries

• By conducting regular consultations with international accounting bodies

• By allowing each company to set its accounting standards

• By referring to historical accounting practices in Malaysia

As professionals entrusted with financial information, accountants play a crucial role in society. Which of the following best represents the primary ethical responsibility of accountants?

• Maximising profits for their employers or clients

• Upholding the confidentiality of financial data

• Ensuring compliance with tax regulations

• Promoting transparency and accuracy in financial reporting

Below is the scenario for Airis Corporation:

Airis Corporation is a well-established Malaysian company that has been privately held for many years. Recently, they have decided to take the next step in their corporate journey by seeking to list their shares on Bursa Malaysia, the country's primary stock exchange. The company's management is enthusiastic about this move, and they are in the process of preparing the necessary documentation and meeting the regulatory requirements for the initial public offering (IPO).

Which of the following is the primary motivation for Airis Corporation to list its shares on Bursa Malaysia?

• To maintain complete control over the company's operations.

• To access additional capital for growth and expansion.

• To avoid financial reporting requirements and regulations.

• To reduce the company's exposure to the Malaysian market