Tutorial Account
Tutorial 1
(1a) Which one of the following is an example of an internal stakeholder?
A A shareholder
B Investment analyst / consultant
CA manager
DA supplier
(1b) The original role of the accounting function was which one of the following?
AProviding management information
BRecording financial information
C Maintaining financial control
D Managing funds efficiently
(1c) The major purpose of the Malaysian Accounting Standards Board (MASB) is to ensure consistency in ___________. Which two words complete this sentence?
A Financial control
B Corporate reporting
C External auditing
(1d) What is the primary responsibility of the external auditor?
A To verify all the financial transactions and supporting documentation of the client
B To ensure that the client’s financial statements are reasonably accurate and free from bias
C To report all financial irregularities to the shareholders of the client
D To ensure that all the client’s financial statements are prepared and submitted to the relevant authorities on time
(1e) To whom is the internal auditor primarily accountable?
A The audit committee of the company
B The company as a separate entity
C The shareholders of the company
D The employees of the company
(2) Identify any four user groups of financial statements and explain what information that is of interest to them.
(3) Your colleague, senior manager of Sales & Marketing, is confused with the amount of information available in financial reports. In your course of enlightening him, you stressed the importance of Malaysian Accounting Standards (MASB) / Financial Reporting Standards (FRS) & he asked you what purpose these serve.
Required:
Briefly state the basic purpose of MASB / FRS.
(4) Briefly explain the business entity concept & its impact on the recording of transactions.
(5) Explain briefly:
(a) What is a balance sheet?
(b) What is an income statement?
(2) Top of Form
Tutorial 2
(1a) “The
(1a) Which one of the following is an example of an internal stakeholder?
A A shareholder
B Investment analyst / consultant
CA manager
DA supplier
(1b) The original role of the accounting function was which one of the following?
AProviding management information
BRecording financial information
C Maintaining financial control
D Managing funds efficiently
(1c) The major purpose of the Malaysian Accounting Standards Board (MASB) is to ensure consistency in ___________. Which two words complete this sentence?
A Financial control
B Corporate reporting
C External auditing
(1d) What is the primary responsibility of the external auditor?
A To verify all the financial transactions and supporting documentation of the client
B To ensure that the client’s financial statements are reasonably accurate and free from bias
C To report all financial irregularities to the shareholders of the client
D To ensure that all the client’s financial statements are prepared and submitted to the relevant authorities on time
(1e) To whom is the internal auditor primarily accountable?
A The audit committee of the company
B The company as a separate entity
C The shareholders of the company
D The employees of the company
(2) Identify any four user groups of financial statements and explain what information that is of interest to them.
(3) Your colleague, senior manager of Sales & Marketing, is confused with the amount of information available in financial reports. In your course of enlightening him, you stressed the importance of Malaysian Accounting Standards (MASB) / Financial Reporting Standards (FRS) & he asked you what purpose these serve.
Required:
Briefly state the basic purpose of MASB / FRS.
(4) Briefly explain the business entity concept & its impact on the recording of transactions.
(5) Explain briefly:
(a) What is a balance sheet?
(b) What is an income statement?
(2) Top of Form
Tutorial 2
(1a) “The