Public Sector Accounting Quiz

The example of non-statutory bodies as established in accordance to Companies Act 1965 is

• Majlis Amanah Rakyat (MARA)

• Bank Negara Malaysia

• Pos Malaysia

• Malaysian Industrial Development Authority (MIDA)

Which of the following is not a required financial statements to be prepared in public sector?

• Accountant General's Report

• Statement of Memorandum

• Consolidated Cash Flow Statement

• Statement of Cash Receipts and Payments

Financial Reporting provide financial government information useful for making economic, political and social decision. What is different between public sector accounting and private sector accounting?

• Public sector accounting records transactions on cash basis while the basis of accounting in private sector is accrual.

• Public sector accounting shows creditors while private sector does not show creditors

• The public sector report to the shareholder while private sector report to the public

• The cost of assets is spread over the useful life of the asset in the public sector while the cost of asset in the private sector are written off in one year.

Which of the following is not the objectives of financial reporting in the public sector?

• to ensure relevant authorities in government make rational decisions on resources.

• to provide financial and non-financial information to all shareholders.

• to serve as a useful tool to monitor performance of governmental organisations.

• to assess either the government agencies comply with legal and other statutory requirements.

Which of the following is classified as federal revenues of Malaysian Government?

• Service tax and levy on goods vehicles leaving Peninsular Malaysia

• Zakat fitrah and Baitulmal and similar Islamic religious revenues

• Rent, license fees or charges payable to the local authority

• Receipts in respect of water supplies including water rates.

The power to hear and determine civil and criminal matters between two parties and to pronounce on the legality of any legislative or executive act and procedures. This definition is refer to _____________.

• Executive powers

• Legislative powers

• Judicial powers

• Financial powers.

Financial Reporting Statement is audited by

• Accountant General Department

• Auditor General Department

• Financial Controller Department

• Treasury Manager Department

Quit rent assessment is considered as____.

• National revenue

• Local government revenue

• State government revenue

• Federal government revenue

Which of the following is the Executive powers?

• The power to hear and determine civil.

• The power to make new laws or to amend laws.

• The power to levy taxes or to change existing taxes.

• The power to formulate policies implemented by the government

In Malaysia, the government's revenue also comes from non-tax revenue that is further divided into direct and indirect tax. All the following are examples of indirect tax except____.

• Sales and service tax.

• Excise duties and import duties.

• Petroleum income tax.

• Income tax from companies and individuals.