Post course assessment

Dear class

Please find Post Course assessment questions.

Kindly review your notes before attempting these questions.

1.     Which of the following would qualify as a private entity in accordance with the criteria specified in Companies Act 2016?

           

a.     A company which is listed on BURSA Stock Exchange

b.     An unlisted manufacturing company currently planning for public listing

c.      An insurance company

d.     A small owner-managed business

2.     The Malaysian Private Entities Reporting Standards MPERS states that the qualitative characteristics of financial information are:

           

a.     Materiality, faithful representation, consistency and prudence

b.     Assets, liabilities, equity, income and expenses

c.      Understandability, relevance, reliability and comparability

d.     Comparability, verifiability, timeliness and understandability

3.     The measurement bases allowed in MPERS are:

           

a.     Historical cost and fair value

b.     Historical cost, current cost, realisable value and present value

c.      Historical cost and realisable value

d.     Historical cost and present value

4.     A private entity reporting using MPERS which has no other comprehensive income may present its statement of comprehensive income similar to an income statement ending with Profit after tax.

True or False?

a.     True

b.     False

5.     All private entities reorting using MPERS must present a statement of changes in equity.
True or False?

a.     True

b.     False

                       

           

6.     MPERS  requires all investment property to be measured initially at cost but at fair value thereafter.
True or False?

a.     True

b.     False

7.     Similar to IAS16, MPERS allows property, plant and equipment to be measured at a revalued amount.
True or False?

a.     True

b.     False

8.     MPERS states that an intangible asset may be recognised only if the asset results from expenditure incurred internally.
True or False?

a.     True

b.     False

9.     Similar to IFRS 3, MPERS does not allow goodwill to be amortised.
True or False?

a.     True

b.     False

10. Certain topics are not dealt with in MPERS. These topics include:

           

a.     Hyperinflation

b.     Foreign currency translation

c.      Related party disclosures

d.     Earnings per share

end of test

Suggested Solutions

1.b

2.c

3.a

4.a True

5.b False

6.b False

7.b False

8.b False

9.b False

10.d

You can write to me to clarify if you cannot understand why your answer is incorrect

Miss J