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WorksheetsFrom Books to E-Invoice
Total questions: 20
Worksheet time: 2hrs 40mins
The "Separate Entity Concept" means:
You should have one bank account for both personal and business use.
Your business finances must be kept completely separate from your personal finances.
You can pay for family groceries using the company debit card if you pay it back later.
Which document is the primary proof that you sold goods on CREDIT (customer pays later)?
Official Receipt
Payment Voucher
Sales Invoice
Delivery Order
If a customer pays you CASH immediately for a product, which document do you issue?
Official Receipt
Credit Sales Invoice
Purchase Invoice
Debit Note
Under the Chart of Accounts, "Inventory" (Stock) is classified as:
An Expense
A Liability
An Asset
A Equity
Under the "ALICE" rule, if you want to INCREASE an Asset (e.g., Cash), you must:
Debit the account
Credit the account
Debit Liability
Credit Liability
To record a "Rent Expense" payment, the double entry is:
Debit Cash, Credit Rent Expense
Debit Rent Expense, Credit Cash
Debit Liability, Credit Cash
Debit Rent Expense, Credit Liability
Siti is reviewing her financial statements and needs to identify her liabilities. Which of the following represents a LIABILITY for her?
Cash in Hand
Term Loan
Sales Revenue
Office Computer
Arjun wants to know if his bakery made a profit this month. Which report should he check to find out?
Balance Sheet
Cash Flow Statement
Profit & Loss (P&L) Statement
Trial Balance
The fundamental accounting equation for the Balance Sheet is:
Assets = Liabilities + Equity
Profit = Revenue - Expenses
Assets = Income - Expenses
Liabilities = Assets - Equity
Why might a profitable business still go bankrupt?
Their sales are too high.
They ran out of cash (poor Cash Flow) because customers haven't paid yet.
Their expenses are too low.
They have too much equity.
What is an LHDN "E-Invoice"?
A PDF file sent via email.
A scanned copy of a paper invoice.
A digital file (XML/JSON) validated by LHDN in real-time.
A printed receipt.
Based on the updated timeline, when must small businesses (Turnover < RM1 million) fully implement e-Invoice?
1 August 2024
1 July 2025
1 January 2026
1 July 2026
In the e-Invoice workflow, who validates the invoice first?
The Buyer
LHDN (MyInvois System)
The Bank
The Auditor
What unique identifier does LHDN assign to every valid e-Invoice?
Serial Number
UUID (Unique ID)
Tracking ID
MyKad Number
You rent a shop from a retiree (an individual, not a business). Who issues the e-Invoice for the rental payment?
The Retiree (Landlord)
You (The Tenant) via Self-Billed E-Invoice
No e-Invoice is needed
The Bank
Grace buys a software subscription from a US company (e.g., Zoom). How does she handle the e-Invoice?
Ask the US company to login to MyInvois.
Issue a Self-Billed E-Invoice (Import of Services).
Ignore it because it's foreign.
For a "Normal" B2B e-Invoice, which Buyer detail is MANDATORY?
Their Facebook profile link.
Their Tax Identification Number (TIN).
Their CEO's name.
If Mia sells Nasi Lemak to walk-in customers (B2C) who don't ask for an invoice, she should:
Issue a full e-Invoice for every single packet.
Issue a normal receipt, then group them into a Consolidated Monthly E-Invoice.
Do nothing.
Once an e-Invoice is validated, if you make a mistake, can you just "delete" it?
Yes, just press delete.
No, you must issue a Credit Note or Debit Note to correct it.
How long must you keep your e-Invoice records?
1 Year
3 Years
5 Years
7 Years
