Reference no: EM132939260

Problem 1: Failure to recognize "accrued expenses" will ____________ and __________ of the Company

(a) Understate Expenses & Understate Liabilities

(b) Overstate Expenses & Overstate Liabilities

(c) Understate Expenses & Overstate Liabilities

(d) Overstate Expenses & Understate Liabilities

Problem 2: The functions and powers of Malaysian Accounting Standard Board (MASB) include the following except for:

(a) Issues accounting and financial reporting standards in Malaysia

(b) Review and revise the existing accounting standards

(c) Ensure that Malaysian Accounting Standards (MAS) are consistent with International Accounting Standards

(d) Provide view in issuing the MAS

Problem 3: When do you record expenses and revenue under Accrual Concept?

(a) Incurred & Earned

(b) Incurred & Received

(c) Paid & Received

(d) Paid & Earned

Problem 4: Accountants record business transactions based on standards issued by MASB. The concept that can explain the reason for doing so would be?

(a) Materiality Concept

(b) Conservatism Concept

(c) Objectivity Concept

(d) Realisation Concept

Problem 5: Financial Statements of a company include the following, except for?

(i) Statement of financial position

(ii) Statement of Profit or Loss

(iii) Statement of Cash flows

(iv) Statement of Changes in Equity

(a) (i), (ii), (iii) & (iv)

(b) (i), (ii) & (iii)

(c) (i), (ii) (iii) & (iv)

(d) None of the above