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WorksheetsTOPIC 7 : BASIC CONCEPTUAL AND REGULATORY FRAMEWORK
Total questions: 20
Worksheet time: 39mins
What is approved accounting standards?
An organisation
A set of rules and regulations of a company.
An accounting rules and regulations.
A set of principles and procedures to run business.
What is MPERS?
Malaysian Personal Economics Reporting Standards
Malaysian Personal Entities Reporting Standards.
Malaysia Private Economics Reporting Standards.
Malaysia Private Entities Reporting Standards
MPERS is
Is a new reporting framework for private entities in Malaysia
Is a new financial reporting of private entities in Malaysia
Is a new reporting framework or financial reporting of private entities in Malaysia
Is a new reporting framework or financial reporting for all business entities in Malaysia
Which below is TRUE about PERS?
Companies financial reporting standards.
Private entities financial reporting standards.
SME's financial reporting standards.
Sole proprietorship financial reporting standards.
What organisations that responsible to maintenance the MPERS?
MIA
MASB
IAS
MFRS
How many year that MPERS should be revise or amends?
3 years
5 years
7 years
not revised or amends
Explanation for conceptual framework in accounting is
system of reviewing accounting rules and standards.
system of ideas and objectives that lead to the creation of a consistent set of engineering standards.
system of monitoring that lead to the creation of a consistent set of rules and standards.
system of ideas and objectives that lead to the creation of a consistent set of rules and standards.
Which below is NOT accounting concept?
Promotional concept
Going concern concept
Accrual concept
Money measurement concept
"Revenue recorded when it is earned(receive) and expenses recorded when incurred (paid)"
Statement above refer to
Going concern concept
Accrual concept
Money measurement concept
Materiality concept
How many accounting concepts or principles that we should now?
(a)
If a company operate the business for 12 months, its call
Materiality concepts
Going concerns concept
Separate entity concept.
Periodicity concept
"Business and owner’s transactions should be separated" This means that
Money measurement concept was applied.
Historical cost concept was applied.
Accrual concept was applied.
Separate entity concept was applied.
What is definition of prudence concept?
Requires an accountant to record liabilities and expenses as soon as they occur, but revenues only when they are assured or realized
Economic substance of transactions and events must be recorded in the financial statements
Transaction are recorded in the books of accounts on the assumption that profit on these transactions are to be ascertained for a specified period
Revenue recorded when it is earned(receive) and expenses recorded when incurred (paid)
Which below is the functions of MASB?
Issue new accounting standards as approved accounting standards;
Review, revise or adopt as approved accounting standards, existing accounting standards;
Issue, approve, review, revise, amend, substitute, suspend, defer, withdraw or revoke any issues bulletin in whole or in part;
Sponsor or undertake development of possible accounting standards;
Which is NOT TRUE about MICPA?
A members ship institute
Professional bodies By-Laws
Close working with MIA
Statutory body formed under Act of Parliament
•Approving authority for corporate bond issues;
•Regulating all matters relating to securities and futures contracts;
•Regulating the take-over and mergers of companies
Above statements refers to
LHDN
Securities Commission
Companies Commission of Malaysia
Malaysian Institute Chartered Public of Accountant
Functions of LHDN are:
Main revenue collecting agencies
To Improve the quality and effectiveness of tax administration.
To provide advisory services to the Government on matters regarding taxation
Participate in and contribute to the development of a single set of accounting standards
•Assets should be shown on the balance sheet at the cost of purchase instead of current value.
•Cost of purchasing asset should be recorded at the exact amount in invoice/hire purchase agreement.
This sentences refer to
Materiality concept
Objectivity concept
Prudence concept
Historical cost concept
Choose the right logo and the name of institutions for statement below :
"issue new accounting standards as approved accounting standards"
Which professional bodies that directly involve in accounting fields especially on accounting standards?
