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Accounting Concepts Chapter 2

Authored by ROHIMAH Moe

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University

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Accounting Concepts Chapter 2
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28 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which regulatory body in Malaysia is responsible for issuing accounting standards?

Bank Negara Malaysia

Securities Commission

Malaysian Accounting Standards Board (MASB)

Inland Revenue Board (LHDN)

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a characteristic of MFRS?

Based on IFRS

Simplified disclosure requirements

Legally required for public listed companies

Enhances transparency and comparability

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

MPERS is most suitable for:

Government-linked companies

Public listed companies

Small and medium-sized private entities

Non-profit organisations

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following concepts assumes that a business will continue operating in the foreseeable future?

Historical Cost

Monetary Measurement

Going Concern

Consistency

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Under the Historical Cost concept, if an asset was bought for RM15,000 and its market value increased to RM20,000 the next day, what value should be recorded?

RM20,000

RM22,500

RM15,000

RM5,000

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The Prudence concept ensures that:

Revenues are always estimated

Liabilities are overstated

Assets and income are not overstated

All future profits are recorded early

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In the Revenue Recognition concept, revenue is recognised when:

Cash is received

Invoice is issued

Goods are delivered or service is rendered

Customer signs contract

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