WorksheetsQuiz Competition
Total questions: 20
Worksheet time: 15mins
ABC Sdn Bhd purchased a van for RM100,000 on 1 January 2022. The van has a useful life of 10 years and a residual value of RM10,000. By using straight line method, calculate the depreciation.
RM10,000
RM11,000
RM9,000
RM8,000
What audit procedure should the auditor carry out to verify the rights and obligations associated with the motor vehicle?
Send a confirmation letter to government.
Inspect purchase invoice.
Send a confirmation letter to the seller.
Physical inspection.
ABU Sdn Bhd purchased a new van for RM100,000 on 1 January 2022 for delivery purposes. How much capital allowance can be claimed by ABU Sdn Bhd ?
RM100,000
RM10,000
RM14,000
RM1,000
Assuming the company basis period of year of assessment ended at 31/12/2023. When the company need to furnish income tax computation (Form C) ?
31/5/2023
30/6/2023
31/7/2023
31/8/2023
What are the conditions to claim for capital allowance ?
You may choose more than one answer.
He must carrying on a business.
The plant is use for business purposes.
He must incur qualifying expenditure.
He must not be the owner of plant at the end of basis period
What condition must the company fulfill for the expenses to be eligible for deduction?
Expenses incurred for non-business purposes.
Expenses that not wholly and exclusively incurred for production of income.
Expenses wholly and exclusively incurred for production of income.
Expenses that incurred by employees.
What is audit ?
Evaluation of financial records, statements, and processes of an organization
Prepare financial statements such as SOFP, SOPL.
To ensure that financial statements are 100% accurate.
What does a tax agent normally do ?
Prepare financial statements.
Ensure Financial Statements present true and fair view.
Liaise with Inland Revenue Board on behalf of client.
Express an opinion on Financial Statements.
Choose all the audit assertions related to Statement of Financial Position.
You may choose more than one answer.
Existence
Accuracy, Valuation & Allocation
Classification
Cut-off
Which of the following is a direct tax?
Sales Tax
Property Tax
Income Tax
Service Tax
What is the purpose of a trial balance?
To determine the net income
To reconcile bank statements.
To calculate depreciation expense.
To prepare financial statements.
What is the primary objective of an audit engagement?
Prepare financial statements.
Detecting fraud in financial statements.
Assisting with budgeting.
Issuing an audit opinion.
What is the main objective of tax planning?
To minimize tax liability within the boundaries of the law.
To evade taxes illegally
To increase taxable income.
To delay tax payments.
What is the purpose of a tax deduction?
To increase tax liability.
To avoid paying taxes.
To reduce the taxable income of an individual or business.
To calculate the net profit of a company.
What is the main purpose of an internal audit?
To ensure compliance with tax regulations.
To review financial statements for accuracy.
To detect and prevent fraud within an organization.
To issue an audit opinion.
Which of the following is a deductible expense for tax purposes?
Rental expenses incurred for personal use of property.
Dividend income.
Capital gains.
Interest expense on a business loan.
Which of the following is an example of an audit procedure?
Preparation of a budget.
Calculation of tax liabilities.
Review of internal control procedures.
Preparation of financial statements.
What are the audit procedures related to vouching ?
You may choose more than one answer.
Obtain purchase documents.
Reconcile to payment evidence.
Physical Inspection.
Trace to accounting records.
Which of the following is a tax authority responsible for administering tax laws in Malaysia?
Inland Revenue Board (IRB).
Kumpulan Wang Simpanan Pekerja (KWSP)
Malaysian Communications and Multimedia Commission (MCMC)
Inland Revenue Service (IRS)
What is the purpose of a balance sheet?
To summarize a company's revenues and expenses.
To calculate the net income of a company.
To show a company's financial position at a specific point in time.
To disclose a company's cash inflows and outflows.
