Accounting Assignment
Question 1:
What are the ideas behind the establishment of Malaysian Institute of Accountants (MIA)? (5marks)
Answer: MIA is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy professions in Malaysia. MIA’s responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility to the profession is maintained and that public interest is continuously upheld. Its regulatory role is carried out through the following approaches:- * Having an effective and competitive assessment framework in admitting members into MIA to ensure that the profession is able to meet public expectations where its human capital is concerned; * Meeting the education and development needs of members as part of a commitment to help members be knowledgeable and maintain their relevance in today’s market; * Implementing professional standards and practices based on internationally accepted guidelines as standards and By-Laws for members to comply within maintaining the integrity of the profession; * Having in place a robust disciplinary system for those who fail to comply with this standards BY-Laws; * To enhance the status of members.
Question 2:
Briefly explain the following users of accounting information:
Question 2(a):
Shareholders (2marks)
Answer 2(a): Any person, company, or other institution that owns at least one share in a company. A shareholder may also be referred to as a "stockholder”. Shareholders are the owners of a company. They have the potential to profit if the company does well, but that comes with the potential to lose if the company does poorly.
Question 2(b):
Employees
What are the ideas behind the establishment of Malaysian Institute of Accountants (MIA)? (5marks)
Answer: MIA is a statutory body established under the Accountants Act, 1967 to regulate and develop the accountancy professions in Malaysia. MIA’s responsibilities include education and quality assurance as well as enforcement which are carried out to ensure that the credibility to the profession is maintained and that public interest is continuously upheld. Its regulatory role is carried out through the following approaches:- * Having an effective and competitive assessment framework in admitting members into MIA to ensure that the profession is able to meet public expectations where its human capital is concerned; * Meeting the education and development needs of members as part of a commitment to help members be knowledgeable and maintain their relevance in today’s market; * Implementing professional standards and practices based on internationally accepted guidelines as standards and By-Laws for members to comply within maintaining the integrity of the profession; * Having in place a robust disciplinary system for those who fail to comply with this standards BY-Laws; * To enhance the status of members.
Question 2:
Briefly explain the following users of accounting information:
Question 2(a):
Shareholders (2marks)
Answer 2(a): Any person, company, or other institution that owns at least one share in a company. A shareholder may also be referred to as a "stockholder”. Shareholders are the owners of a company. They have the potential to profit if the company does well, but that comes with the potential to lose if the company does poorly.
Question 2(b):
Employees