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- 1. Multiple Choice
The process of identifying, measuring, classifying, recording, summarizing and communicating in a logical manner for the purpose of providing financial information for decision-making is
A. Finance.
B. Economics.
C. Auditing.
D. Accounting.
- 2. Multiple Choice
Any service in which the accounting most firm issues a report about the reliability of an assertion that is made by another party is a(n)
Tax service.
Attestation service.
Accounting and bookkeeping service.
Management advisory service.
- 3. Multiple Choice
Management and other user rely on the quantitative information provided by _____________ for decision making process.
Management information systems.
Accounting.
Finance
Auditing.
- 4. Multiple Choice
The financial statements most commonly consists of:
Balance sheets, the income statement, statement of changes of shareholders equities and the statement of cash flows.
Balance sheets, the income statement, and the statement of changes in balance sheets.
Income statement, the statement of changes in balance sheets, and the statement of net working capital.
Statement of changes in balance sheets, the statement of cash flows, and the retained earnings statement.
- 5. Multiple Choice
The use of the title Chartered Accountant (CA) is regulated by
The Securities Commission (SC).
The federal government through the licensing department of the Ministry of Finance.
The Malaysian Institute of Accountants (MIA).
State law through a licensing department/agency of each state.
- 6. Multiple Choice
An examination of part of an organization's procedures and methods for the purpose of evaluating efficiency and effectiveness is known as
Financial statement audit.
Production audit.
Operational audit.
Compliance audit.
- 7. Multiple Choice
Which
of the following services provides the lowest level of assurance about a
company's financial statements?
Audit of financial statements.
Review of financial statements.
These services provide no assurance about a company's financial statements.
These services provide the same level of assurance about a company's financial statements.
- 8. Multiple Choice
Which one of the following is more difficult to be objectively evaluated?
Efficiency and effectiveness of operations.
Compliance with government regulations.
Presentation of financial statements in accordance with generally accepted accounting principles.
All three of the above are equally difficult.
- 9. Multiple Choice
In order to perform audit effectively, an internal auditor must be independent of:
The employer-employee relationship which exists for other employees in the organization.
The line functions of the organizations.
The entity.
All of the above.
- 10. Multiple Choice
The characteristics that distinguishes auditors from accountants is the:
Auditor’s ability to interpret accounting principles generally accepted in Malaysia.
Auditor’s ability to interpret Malaysian Financial Reporting Standards.
Auditor’s education beyond the Bachelor's degree.
Auditor’s accumulation and interpretation of evidence related to a company's financial statements.
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