WorksheetsQUIZ Accounting & Taxation Course 27 Nov 23
Total questions: 10
Worksheet time: 5mins
Name
Class
Date
1.
What is Accounting Equation?
a)
Assets= Owner Equity + Liability
b)
Assets= Owner Equity - Liability
c)
Owner Equity= Assets + Liability
d)
Liability = Assets + Owner Equity
2.
Which of the following statements explains the consistency concept?
a)
A loss will be recognised immediately if there is a high probability for it to occur.
b)
Once a particular accounting method has been adopted, it should be followed consistently in subsequent periods.
c)
It is always assumed that a business has an indefinite life unless there is evidence indicating otherwise.
d)
Expenses incurred in order to generate revenues are being recognised in the same accounting period.
3.
Which of the following is classified as liabilities?
a)
Account Payables
b)
Loan To Maria
c)
Buildings
d)
Cash at bank
4.
2. One example of external users of accounting information is____________
a)
Auditor
b)
Sales Manager
c)
Existing investor
d)
Company worker
5.
2. Which statement is true about a Non Current Asset?
a)
Asset are held temporarily as a stage in the profit earning cycle which is within one year
b)
Total resources invested in business
c)
Can be divided into two, tangible asset and intangible asset
d)
Expenses when operating the business
6.
Which of the following is NOT a type of tax relief available for individuals in Malaysia?
a)
EPF/CPF contributions
b)
Life insurance premiums
c)
Child education
d)
Petrol prices
7.
Which type of tax is imposed on the sales and provision of taxable goods and services in Malaysia?
a)
Income Tax
b)
Property Tax
c)
Goods & Services Tax (GST)
d)
Sales & Services Tax (SST)
8.
What is the tax year in Malaysia?
a)
April 1st to March 31st
b)
June 1st to May 31st
c)
January 1st to December 31st
d)
October 1st to September 30th
9.
What is the penalty for late filing of tax returns in Malaysia?
a)
5% of the tax amount owed
b)
10% of the tax amount owed
c)
15% of the tax amount owed
d)
20% of the tax amount owed
10.
What is the maximum amount of tax relief for lifestyle in Malaysia for year 2023?
a)
RM2,500
b)
RM3,000
c)
RM500
d)
RM5,500
100 %
