QUESTION: QUESTION:

Accounting theories developed on a systematic basis. True or False?? Ideology of positive era:
A) explain and predict accounting practices
ANSWER: B) predict what should happen
False ANSWER:
A
REWARD:
Correct: RM500 REWARD:
Wrong: - RM500 Correct: Rm500
Mortgage: RM250 Wrong: - Rm500
Mortgage: Rm250

QUESTION: QUESTION:
Theory helps the understanding on why prepares behave in such Identify any TWO(2) roles of accounting..
manner. True or False??

ANSWER: ANSWER:
True Historical record/language/ social commodity/decision
usefulness/political process/intra corporate politics.
REWARD: REWARD:
Correct: RM300 Correct: RM500
Wrong: - RM300 Wrong: - RM500
Mortgage: RM250 Mortgage: RM300

QUESTION: QUESTION:
Why accounting standards matter? What is the different between theory and fact?

ANSWER: ANSWER:
- guideline for accountants and auditors Theory is a general idea supported with evidence, and derive a
- provide clear and consistent conclusion.
REWARD: Fact is a reality.
Correct: RM500 REWARD:
Wrong: - RM500 Correct: RM300
Mortgage: RM250 Wrong: - RM300
Mortgage: RM250

QUESTION: QUESTION:
Name systems and procedures need to be complied by FS prepares., In the absence of accounting standards, prepares can always refer to
FRF. True or False??

ANSWER: ANSWER:
Companies Act 2016, Accounting Standards, Financial Reporting Act False
1997, Income Tax Act 1967, Securities Commission, Bursa Malaysia, Bank REWARD:
Negara Malaysia Correct: RM150
REWARD: Wrong: - RM150
Correct: RM500 Mortgage: RM100
Wrong: - RM500
Mortgage: RM250
 QUESTION: QUESTION:
Name 2 objectives of MASB Give two challenges of MASB

ANSWER: ANSWER:
- To produce accounting standard, CF and accounting guideness - Need to be proactive in participating in international era
in efficient and effective manner. -Lack of technical expertise
- To recognise FS users as their primary customer.
REWARD:
REWARD: Correct: RM300
Correct: RM300 Wrong: - RM300
Wrong: - RM300 Mortgage: RM250
Mortgage: RM250

QUESTION: QUESTION:
The first objective of preparation FS by accountant is... The .......... characteristics help to enhance the credibility of FS

ANSWER: ANSWER:
To communicate financial information to the users Qualitative

REWARD: REWARD:
Correct: RM300 Correct: RM150
Wrong: - RM300 Wrong: - RM150
Mortgage: RM250 Mortgage: RM100

QUESTION: QUESTION:
To ensure the info in the FS is relevant, it must .......... The criteria for faithful representation includes
ANSWER:
ANSWER: -Substance over form
Give feedback value, predictive value, timeliness and material - Prudence

REWARD: REWARD:
Correct: RM300 Correct: RM300
Wrong: - RM300 Wrong: - RM300
Mortgage: RM250 Mortgage: RM250

QUESTION: QUESTION:
Three reasons for accounting conceptual framework Conceptual framework can provide technical benefits only. True or
ANSWER: False??
- To allow consistent practice ANSWER:
- To provide solution to accounting problem False
REWARD: REWARD:
Correct: RM300 Correct: RM150
Wrong: - RM300 Wrong: - RM150
Mortgage: RM250 Mortgage: RM100
 QUESTION:
Accounting CF can provide solution to every micro problem. True or
False?? QUESTION:
Recognition criteria is important to ensure.......
ANSWER:
False ANSWER:
Some items meet definition but unable to be recorded in financial
statement
REWARD: REWARD:
Correct: RM150 Correct: RM300
Wrong: - RM150 Wrong: - RM300
Mortgage: RM100 Mortgage: RM250

QUESTION: QUESTION:
True and fair view is...... There are two types of valuation for financial statements which are.....

ANSWER: ANSWER:
Presentation of accounts, drawn up according to accepted accounting Cost and Value
principles, using accurate figures as far as possible, free from wilful bias,
REWARD:
. Correct: RM300
REWARD: Wrong: - RM300
Correct: RM500 Mortgage: RM250
Wrong: - RM500
Mortgage: RM250

QUESTION: QUESTION:
....... is a value at market buying price. ...... is a value at market selling price

ANSWER:
Current Cost ANSWER:
Exit Price

REWARD: REWARD:
Correct: RM150 Correct: RM150
Wrong: - RM150 Wrong: - RM150
Mortgage: RM100 Mortgage: RM100
 QUESTION: QUESTION:
The 2 qualitative criteria which are important when selecting Exit price can become a mechanism to measure.......
measurement system for financial statement are....

ANSWER: Answer:
Relevant and Reliability Risk

REWARD: REWARD:
Correct: RM300 Correct: RM300
Wrong: - RM300 Wrong: - RM300
Mortgage: RM250 Mortgage: RM250

QUESTION: QUESTION:
Define value in use Define value in exchange

ANSWER: ANSWER:
benefits that an asset generates for a specific owner under a specific use The ability to trade an asset, such as money, for goods and
services.
REWARD: REWARD:
Correct: RM300 Correct: RM300
Wrong: - RM300 Wrong: - RM300
Mortgage: RM250 Mortgage: RM250

QUESTION: QUESTION:
The company's inventories are hardly to sell in the market. The valuation In order to be defined as an asset, the item should be ..... by the
system which can provide relevant and reliable information is .... business.
.
REWARD: REWARD:
Correct: RM150 Correct: RM150
Wrong: - RM150 Wrong: - RM150
Mortgage: RM100 Mortgage: RM100
 QUESTION: QUESTION:
Some items may meet assets definition criteria but not recognize in Revenue is....
financial statement due to....

ANSWER: ANSWER:
Unable to be measured Gross inflow, from ordinary activities, which give rise to equity (but not
from increase in capital invested)
REWARD:
Correct: RM150
Wrong: - RM150 REWARD:
Mortgage: RM100 Correct: RM300
Wrong: - RM300
Mortgage: RM250

QUESTION: QUESTION:
Expense is Define liability

ANSWER:
ANSWER Existence of present obligation
Gross outflow, from ordinary activities, which reduce amount of equity Result from past event
(but not from increase in capital invested) REWARD:
REWARD: Correct: RM300
Correct: RM300 Wrong: - RM300
Wrong: - RM300 Mortgage: RM250
Mortgage: RM250

QUESTION: QUESTION:
Based on past experience, the company can allocate certain amount of Revenue cycle consist of ____stage
liability and presented it in FS.
True OR False
ANSWER:
ANSWER: 9
False
REWARD: REWARD:
Correct: RM150 Correct: RM150
Wrong: - RM150 Wrong: - RM150
Mortgage: RM100 Mortgage: RM100
 QUESTION: QUESTION:
A signed contract can not be recognized as revenue even when there is Receive advance payment from customer before service being
confirm inflow to the organization. True or False?? performed can be recognized as revenue. True or False??

ANSWER: ANSWER:
FALSE False
REWARD: REWARD:
Correct: RM150 Correct: RM150
Wrong: - RM150 Wrong: - RM150
Mortgage: RM100 Mortgage: RM100

QUESTION: QUESTION:
Agency theory is... Mandatory audit is ........
A) Monitoring cost
ANSWER: B) Bonding cost
Relationship between agent and principal where the agent will act on C) Residual Loss
the principal’s behalf. ANSWER:
REWARD: A
Correct: RM300
Wrong: - RM300 REWARD:
Mortgage: RM250 Correct: RM150
Wrong: - RM150
. Mortgage: RM100

QUESTION: QUESTION:
Establishment of internal audit department shows that the company Bonus plan hypothesis is.....
commit with .......
ANSWER:
A) Monitoring cost Managers will be remunerated based on profit, so, managers will have
B) Bonding cost incentives to use accounting policies that maximize profit when they
C) Residual Loss are likely to receive bonuses
ANSWER: B
REWARD: REWARD:
Correct: RM150 Correct: RM500
Wrong: - RM150 Wrong: - RM500
Mortgage: RM100 Mortgage: RM250
 QUESTION: QUESTION:
Research and development can always be capitalized in statement of The cost of equity will ....... when the agent is a risk taker.
financial position. True or False?? A) High
ANSWER: B) Low
False ANSWER:
REWARD: Low
Correct: RM150 REWARD:
Wrong: - RM150 Correct: RM150
Mortgage: RM100 Wrong: - RM150
Mortgage: RM100

QUESTION: QUESTION:
Dividend retention increase the wealth of the company. True or False ? Managers are long term focus and will always create wealth for the
company. True or False??
ANSWER:
True ANSWER:
False
REWARD: REWARD:
Correct: RM150 Correct: RM150
Wrong: - RM150 Wrong: - RM150
Mortgage: RM100 Mortgage: RM100