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    Tutorial Chapter 2 Question

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    Tutorial Chapter 2 Question

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    sismyrabalqis
    14 views4 pages
    SOALAN PAYABLE 2

    Original Title

    TUTORIAL CHAPTER 2 QUESTION

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    SOALAN PAYABLE 2

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    14 views4 pages

    Tutorial Chapter 2 Question

    Uploaded by

    sismyrabalqis
    SOALAN PAYABLE 2

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 4

    TUTORIAL QUESTION CHAPTER 2

    SET 1

    A. The Conceptual Framework for Financial Reporting was issued by the Malaysian
    Accounting Standard Board (MASB) in November 2011. This Conceptual Framework
    sets out the concepts that underlie the preparation and presentation of financial
    statements for various users. The users are as follows:

    i. Auditors
    ii. Users of financial statements (Investors)

    Required:

    Briefly explain how the Malaysian Accounting Standard Board (MASB) Conceptual
    Framework can help each of the users above.
    (2 marks)

    B. For financial information to be useful, the framework identifies two fundamental


    qualitative characteristics that are relevance and faithful representation. Explain the
    two fundamental qualitative characteristics of financial information as mentioned
    above.
    (6 marks)

    C. State the recognition criteria of the following elements in the Financial Statements:
    i. Assets
    ii. Expenses
    (2 marks)
    SET 2

    A. As an accountant, briefly explain any two enhancing qualitative characteristics of


    financial information that should be provided to relevant parties as it could enhance the
    usefulness of information that is relevant and faithfully represented.
    (5 marks)

    B. Super Bhd is a manufacturer of carbonated drinks and the drinks are marketed in
    Peninsular Malaysia. On 1 January 2017, the company acquired a machine of
    RM800,000 in order to produce the drinks. Super Bhd approaches Mur Plastic Sdn Bhd,
    a bottle manufacturer, to supply bottle to the company. However, as Mur Plastic Sdn Bhd
    examined the financial statements of Super Bhd, they found out that Super Bhd has
    large amount of trade payables. Therefore, the directors of Mur Plastics Sdn Bhd
    decided not to supply the bottles to Super Bhd. At the end of 2017, the company sold the
    carbonated drinks amounting to RM1,080,000.

    Required:

    a) Explain whether the machine purchased on 1 January 2017 is an asset of Super


    Bhd.
    (4 marks)

    b) Determine whether information on the trade payables of Super Bhd is relevant


    information to Mur Plastics Sdn. Bhd.
    (3 marks)

    c) Determine whether the sale of carbonated drink is the income of the company.
    Define income in accordance with Malaysian Accounting Standard Board’s (MASB)
    Conceptual Framework for Financial Reporting.
    (4 marks)

    d) State four (4) elements of financial statements.


    (4 marks)
    (Total: 20 marks)
    SET 3

    A. An accounting framework can be viewed as a structured or coherent system of inter-


    related objectives, fundamental characteristics and concepts that lead to formulation
    of high quality and consistent reporting standards to prescribe the nature, function
    and limits of financial accounting and reporting.

    Required:
    Explain the TWO (2) fundamental qualitative characteristics of financial information
    according to Malaysian Accounting Standards Board’s Conceptual Framework.

    (6 marks)
    B. State the recognition criteria of the following elements in the financial statements
    according to MASB Conceptual Framework:

    a) Assets
    b) Liability
    c) Expenses
    d) Income
    (4 marks)

    C. Explain the definition of the following elements of financial statements according to


    MASB Conceptual Framework:

    a) Assets
    b) Liabilities
    c) Equity
    d) Income
    e) Expenses
    (10 marks)
    (Total: 20 marks)
    SET 4

    1. For financial information to be useful, the Malaysian Accounting Standard Board


    (MASB) Conceptual Framework identifies two fundamental qualitative characteristics
    that are relevance and faithful representation. Explain the two fundamental
    qualitative characteristics of financial information as mentioned above.
    (6 Marks)

    2. To further enhance the usefulness of financial information, the MASB Conceptual


    Framework identifies another four enhancing qualitative characteristics. Discuss any
    TWO (2) of the enhancing qualitative characteristics.
    (4 Marks)

    3. Explain the concepts of capital.


    (4 Marks)
    4. Explain the concepts of capital maintenance.
    (4 Marks)

    5. Explain the capital maintenance adjustments.


    (2 Marks)

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