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
Premium Accountancy Balance sheet Accountant
4011 APRIL 7‚ 2009 CRAIG CHAPMAN Biovail Corporation: Revenue Recognition and FOB Sales Accounting Background Late on October 9‚ 2003‚ David Maris‚ an analyst at Banc of America Securities (BAS)‚ was trying to interpret the shocking events of the previous few days and finish the write-up of his first report on the Canadian pharmaceutical firm‚ Biovail Corporation. Maris didn’t like what he saw at the company‚ but he never liked writing “Sell” recommendations. In any event‚ he wanted to make
Premium Income Income statement Revenue
investigate the major I have chosen‚ Accounting. Because my goal is to become a Certified Public Accountant (CPA)‚ I would like to know more of what it entails. Dealing with numbers‚ and recording and projecting the earnings of a company‚ accountants are placed with the responsibility of keeping track of the moneys of a business. God has blessed me with skills in the areas of mathematics and organization‚ which caused me to look for an occupation that utilizes both. Accounting seemed a logical choice since
Premium Certified Public Accountant Accountant Accountancy
Chapter 01 1. The business entity assumption requires that a business be accounted for separately from other business entities‚ including its owner or owners. 2. The four basic financial statements include the balance sheet‚ income statement‚ statement of retained earnings and statement of cash flows. 3. A balance sheet covers a period of time‚ such as a month or year. 4. The income statement shows the financial position of a business on a specific date.
Premium Generally Accepted Accounting Principles Balance sheet Income statement
Application of Accounting Concepts Matching Principle & Accrual Concept Accrued / Prepaid Expense & Accrued or Advance Revenue To ensure an accurate matching of expenses and revenue under the accrual basis‚ it is necessary to include all revenue earned but not received and expenses incurred but not paid. Such adjustments comprise adjustments for : Accrued Revenue Accrued Expenses On the other hand‚ many recorded costs and revenues benefit more than one accounting period. Therefore‚ adjusting
Premium Generally Accepted Accounting Principles
company that sold various consumer products‚ including food‚ tobacco‚ distilled products‚ and personal care products and financial services. Financial statements for the company are shown in Exhibit 1. The 20X1 financial statements reflect the following transactions (dollar amounts are in thousands): 1. Depreciation and amortization expense was $115‚974. 2. Net income included a loss of $66‚046 resulting from the write-off of some obsolete equipment. The equipment had not yet been disposed
Premium Generally Accepted Accounting Principles Dividend Balance sheet
ABFA 1013 INTRODUCTION TO ACCOUNTING DIPLOMA IN BUSINESS (ACCOUNTING) YEAR 1 – SEMESTER 1 (2014/2015) COURSEWORK 1 YONG KIT YEE 14WBD00875 KONG LIT PEI 14WBD01265 NAH SEE PENG 14WBD01318 TEE BEE SWAN 14WBD06042 DAY : TIME : DATE OF SUBMISSION : Table of Content Plagiarism Statement Declaration Form………………………………………………… Safe Assign Report……………………………………………………………………… Marking Scheme………………………………………………………………………… 1. Summary……………………………………………………………………………
Premium Types of business entity Balance sheet Corporation
and coal projects starting July 1 2012. The introduction of MRRT will potentially have an effect on the accounting policy choices of mining companies affected by the tax. This paper will be split into two sections; a literature review and an analysis. The literature review will look at articles on the Minerals Resource Rent Tax and what it actually entails. Positive Accounting Theory in relation to bonus plans and political costs. It will address articles on accounting methods that were used prior to
Premium Tax Progressive tax Taxation
Cost Allocation Paper Cost Accounting Abstract This article’s focus is how cost accounting allocates costs of a manufacturing plant. All things are hypothetical. The conclusions of this report regarding costing of commercial services provided by Goodyear Tire should be recognized as a theory of the way Goodyear Tire conducts business activities‚ rather than suggestions of how Goodyear Tire should conduct business. Goodyear Tire is a publically traded company‚ which has many different
Premium Tire Costs Cost
title size" content="75px" /> <meta name="text:Menu text size" content="13px" /> <meta name="text:Number of columns" content="4" /> <meta name="if:Infinite scroll" content="1" /> <meta name="if:Repeat background" content="1" /> <meta name="if:Fixed background" content="1" /> <meta name="if:Fit background" content="0" /> <meta name="if:Show description" content="0" /> <meta name="color:Body text" content="#444444" /> <meta name="color:Blog
Premium Typography