Question 5 (a) Malaysia is a parliamentary democracy and constitutional monarchy country. The country has three...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Question 5 (a) Malaysia is a parliamentary democracy and constitutional monarchy country. The country has three tiers of Government namely Federal, state and local government. The regular elections held at the national and state levels. However, there have been no elections at the local government level since they were suspended in 1965. The constitution of Malaysia makes provision for local government and the main governing legislation includes the Local Government Act 1976 (Act 171) for the main peninsula and the Local Authorities Ordinance 1996 and Local Government Ordinance 1961 for the states of Sabah and Sarawak respectively. While the local authorities are under the purview of the respective state governments, the Ministry of Housing and Local Government is responsible for formulating, executing and monitoring all laws pertaining to local government while local authorities in the Federal Territories are subject to the purview of the Ministry of Federal Territories. There are three types of local authority in Malaysia that are city councils, municipal councils and district councils. Required: i. State the criteria of local authority mentioned above. (9 Marks) Explain the circumstances where the federal government can extend its authority to the local government. (4 marks) (b) Accrual Accounting is a well-accepted method of accounting worldwide and is mainly used in the private sector. Increasingly, the Public Sector also moving towards full implementation of Accrual Accounting as its helps the Government to obtain a better picture of the performance according to the Government policies. Discuss the differences between Cash Accounting and Accrual Accounting. ii. (12 marks) Question 5 (a) Malaysia is a parliamentary democracy and constitutional monarchy country. The country has three tiers of Government namely Federal, state and local government. The regular elections held at the national and state levels. However, there have been no elections at the local government level since they were suspended in 1965. The constitution of Malaysia makes provision for local government and the main governing legislation includes the Local Government Act 1976 (Act 171) for the main peninsula and the Local Authorities Ordinance 1996 and Local Government Ordinance 1961 for the states of Sabah and Sarawak respectively. While the local authorities are under the purview of the respective state governments, the Ministry of Housing and Local Government is responsible for formulating, executing and monitoring all laws pertaining to local government while local authorities in the Federal Territories are subject to the purview of the Ministry of Federal Territories. There are three types of local authority in Malaysia that are city councils, municipal councils and district councils. Required: i. State the criteria of local authority mentioned above. (9 Marks) Explain the circumstances where the federal government can extend its authority to the local government. (4 marks) (b) Accrual Accounting is a well-accepted method of accounting worldwide and is mainly used in the private sector. Increasingly, the Public Sector also moving towards full implementation of Accrual Accounting as its helps the Government to obtain a better picture of the performance according to the Government policies. Discuss the differences between Cash Accounting and Accrual Accounting. ii. (12 marks)
Expert Answer:
Answer rating: 100% (QA)
Quiz a i The three types of local authority in Malaysia are city councils municipal councils and district councils The criteria for these local author... View the full answer
Related Book For
Auditing and Assurance Services
ISBN: 978-0077862343
6th edition
Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws
Posted Date:
Students also viewed these accounting questions
-
Complete the attached worksheet for 2011 for Green Company, given the following information, then prepare an income statement, statement of owners equity, and balance sheet: Physical count of...
-
Amount in Dollars Amount in Dollars Sales 1 00 000 79 900 Cost of goods sold 47 500 39 950 Operating expenses 750 500 Selling expenses 9 500 9 000 Administrative expenses 12 000 12 000 Net income 30...
-
Based on the following data, determine the cost of merchandise sold for November. Merchandise inventory, November 1 $68,000 Merchandise inventory, November 30 62,500 Purchases 196,250 Purchases...
-
A 35 ft3 rigid tank has air at 225 psia and ambient 600 R connected by a valve to a piston cylinder. The piston of area 1 ft2 requires 40 psia below it to float, Fig. P3.99. The valve is opened and...
-
Two investments, X and Y, have the following characteristics: If the weight of portfolio assets assigned to investment X is 0.4, compute the a. portfolio expected return. b. portfolio risk. E(X) =...
-
Consider a multi-period economy with dates \(\{0,1, \ldots, T\}\), for some \(T \in \mathbb{N}\), and a time additive utility function of the form: \[U\left(c_{0}, c_{1}, \ldots, c_{N}...
-
Tandrin Aviation Holdings Ltd. agreed to sell a jet aircraft to Aero Toy Store, LLC, for \($31.75\) million. ATS paid a \($3\) million deposit to a third party with the balance due upon delivery....
-
Accounting for Self-Constructed Assets Troopers Medical Labs, Inc., began operations 5 years ago producing stetrics, a new type of instrument it hoped to sell to doctors, dentists, and hospitals. The...
-
please explain this answer by Relational model drawing Question # 01: Convert the given ER model into Relational Model Fname Minit Lname Bdate Name Address Salary Sen Sex Locations WORKS FOR (4,N)...
-
Potholes All along the sides of Route 10, residents displayed signs saying: "County Executive: Fix this Road!" Wanting to minimize the negative publicity associated with this sign campaign, the...
-
1. Dolphins breathe in air through their blowhole at the surface of the water, and then dive into the depths to play, hunt, and otherwise live their lives. When they run out of oxygen, they surface...
-
Select a specific health care facility/organization (e.g., hospital, nursing home, specialty clinic, physicians' office, etc.) you are familiar with as an employee or patient. You can explore the...
-
To what potential should you charge a 1.0 uF capacitor to store 4.0 J of energy? Express your answer in volts. 0 ? V = V
-
Bakery just paid an annual dividend of $2.40 a share and is expected to increase that amount by 2.0 percent per year. You are planning to buy 1,000 shares of this stock in two years. If investors...
-
Liquid hydrocarbon (or organic liquid) is discharged at the rate of 6000 kg/h from a reactor to a storage tank at 50C, shown in Figure 2. The reactor is working at 500 kPa pressure. The density of...
-
Question 19 3 pts Hoodoo Voodoo Co. has total assets of $64,350, net working capital of $19,375, owners' equity of $31,555, and long-term debt of $21,945. What is the company's current assets?
-
7. Show how to "zoom in" on smaller and smaller portions of the number line (Figure 1.4) so that you can plot 5.7183 on each number line. Label the long tick marks on each number line (at the ends)...
-
For the following arrangements, discuss whether they are 'in substance' lease transactions, and thus fall under the ambit of IAS 17.
-
Which of the following is not required by generally accepted auditing standards? a. Written representations. b. Attorney letter. c. Management letter. d. Engagement letter.
-
An assurance service is defined as a service that a. Provides auditing services to nonfinancial information. b. Reviews unaudited financial information. c. Improves the quality of information for...
-
You have been assigned to select an MUS sample from Whitney Company's detailed inventory records as of September 30. Whitney's controller gave you a list of the 23 different inventory items and their...
-
Consider a network of onedimensional heat conduction elements as shown in figure 4.7. The temperature at node 1 is fixed and heat inputs at other nodes are prescribed. Properties of the elements are...
-
Repeat problem 3 with Q g = 20 x Q g = 20 x . Data From Problem 3: Consider the heat conduction problem shown in the figure. Inside the bar, heat is generated from a uniform heat source \(Q_{g}=10...
-
A thermal protection system for a space vehicle consists of a 0.1 meterthick outer ceramic foam and a 0.1 meterthick inner metal foam, as shown in figure 4.11. The thermal conductivities of the...
Study smarter with the SolutionInn App