In earlier articles, readers would have read the inspirational quotes/ phrases, jokes/ humor, motivational stories/ fables. This article is not about religion but merely extracting wise words from them so that our daily living can benefit from their saying. The following are the: Wise Words From Confucianism Anger One should so conduct himself as to … Read more
Malaysian Co-operative societies needs to comply to the Societies Act which includes the following: The co-operative societies are required to prepare within two months of the completion of the financial year and present their annual accounts to their members The financial statements specified are: Trading and profit and loss accounts, Statement of source and application … Read more
Some times, we can see certain exceptional items being included in the Income statement of an entity. So what is this exceptional items? Exceptional items are expenses and or income:- Which arise from the normal operation of an entity but are not within the usual range like unusually large amount of bad debts. Items that … Read more
What is a discontinued operation? A discontinued operation is a part of an entity that has either been disposed of or is classified as “ held for sale”, and a. Represents a separate major line of business or geographical area of operations, b. Is part of a single coordinated plan to dispose of separate major … Read more
Answer: The following are the reports/statements contained in an annual report of a public listed company: Directors’ report Statement by directors Statutory declaration Independent auditors’ report Income statements Balance Sheets Statements of Changes in Equity Cash flow Statements Notes to the Financial Statements
Answer: If we have too much details like statutory and voluntary information disclosed on the face of the financial statements, these would make them very cluttered and even confusing and intimidating to the readers/investors. Therefore, such details or information are presented in the NOTES that form part of the financial statements. Some of the Major Contents In The … Read more
FRS 101 listed the following as a set of financial statements that reporting entities are required to prepare and present: Answer: Balance sheet, Income statement, Cash flow statement, Statement of changes in equity, and Notes to the Financial statements.
Answer: Several ways of increasing the company’s issued share capital are: 1.0 Public Offer The company invites the general public to buy shares. However, the applicants need to meet the required age ( say like 18 years old,etc), nationality and other requirements. Note that the general public is invited to apply for shares for the … Read more
Answer:Different Types Of Preference Shares are: 1.0 Convertible preference shares have the privilege of being converted into ordinary shares at a specified date and rate. The terms of conversion are also being stated when the shares are issued. 2.0 Cumulative preference shares allows the company to pay any dividends that have not being paid in … Read more
Why do I need to prepare the Profit & Loss Appropriation for a partnership which is not required under a sole proprietorship organization:Answer: Compared to a partnership there is no necessity to prepare a profit and loss appropriation account as the profit and loss appropriation account is basically to set up the SHARE OUT of the … Read more