Reference no: EM132576888

Question A) Which of the following are the objectives of financial reporting?

a) To provide information to comply with laws and other regulations

b) To provide information to all users, including meeting the social needs of society

c) To provide information to specific groups of users

d) All of the above

Question B) One of the purposes of developing an accounting framework is ______________.

a) to visualize a logical flow of business plan

b) to provide useful information as a basis for economic decision making

c) to identify the desirable qualitative characteristics of financial information

d) to develop company's policies, goals, standards, and procedures

Question C) The Companies Act 2016 is one of the statutory regulations on financial accounting and reporting for the organizations EXCEPT:

a) Private company

b) Cooperative

c) Unlisted public company

d) Listed public company

Question D) The Malaysian Government announced to have two independent bodies for a financial accounting and reporting administration in 1996. The bodies are:

a) Malaysia Institute of Accountants (MIA) and Security Commissions Malaysia (SC)

b) Malaysian Institute of Certified Public Accountants (MICPA) and Association of Chartered Certified Accountants (ACCA)

c) Bank Negara Malaysia (BNM) and Bursa Malaysia

d) Financial Reporting Foundation (FRF) and Malaysian Accounting Standards Board (MASB)

Question E) The followings are the contents of a company's annual report EXCEPT:

a) Auditor's engagement letter

b) Chairman's report

c) CEO's report

d) Profile of board of directors

Question F) The followings are the components of financial statement EXCEPT:

a) Statement of Financial Position as at the end of the period

b) Summary of significant policies and other explanatory information

c) Prospectus that provides details about an investment offering for sale to the public

d) Comparative information as specified in the Standards

G) Which of the following is FALSE about the statutory regulations/body and the applications of the regulations on the entity?

Statutory Regulations/Body

The applications on the entity

a) Security Commission All public companies - listed and unlisted

b)Companies Act 2016 Private company, unlisted public company and listed public company

c)The Audit Oversight Board All registered business

d)Bursa Malaysia Berhad Only companies listed on Bursa Malaysia Exchange