Q1
Exchange transactions are defined by one party to the transaction who receives a store of
value in exchange for surrendering a store of value or taking on liabilities to acquire a good
or service. For example, this type of transaction fits what are called program service fees
in the NPO world. These types of revenue sources are characterized by services provided
to customers or beneficiaries in exchange for payment. NPOs will set fees for these
services, similarly to a private enterprise or for-profit business and it could include: tuition,
admission fees, or counseling services, among others.
In contrast, non-exchange transactions, or contributions, are unconditional transfers of
stores of value without receiving anything of similar value in return. Examples of these
transactions include voluntary donations of cash and other noncash assets to an NPO
without receiving anything of substantial value in return.
Some transactions may have elements of both types of transactions, an example of this
would be tickets for an annual dinner event banquet. The organization may charge a fee
for this banquet that exceeds the actual value of the benefit to the participant. If so, the
excess benefit over the value is treated as a non-exchange voluntary contribution, while
the other portion is treated as an exchange transaction fee for service.
Q2
Accrual accounting means revenue and expenses are recognized and recorded when they
occur, revenues are reported in the income statement before the cash is received from
customers. And expenses are reported in the income statement when they occur or when
they expire.
Cash accounting means these line items aren't documented until cash exchanges hands.
Revenues are reported in the income statement when received form the customer,
expenses are reported in the income statement when the expenses are paid out.
Cash basis accounting is easier, but accrual accounting portrays a more accurate portrait
of a company's health by including accounts payable and accounts receivable. The accrual
method is the most commonly used method, especially by publicly-traded companies as it
smooths out earnings over time. The cash method is mostly used by small businesses and
for personal finances.
Q3
Malaysian Public Sector Accounting Standards (MPSASs) are drawn by IPSASs. It is used
to establish an accounting policy to govern the preparation of governmental financial
reporting. And the Accountant General’s Department is responsible in issuing MPSASs
which apply to the accrual basis of accounting and sets out requirements dealing with
transactions and other events in the general-purpose financial reports. Reports are
intended to meet the information needs of users who are unable to require the preparation
of financial reports tailored to meet their specific information needs. What’s more, all of
public sector entities other than government business entities (GBEs) should follow the
general-purpose financial reports that designed by MPSASs.
Q4 重的比较多
Federal Government Financial Statements are prepared annually by the Accountant
Generals of Malaysia: according to the requirements of Section 16(1) of the Financial
Procedure Act, 1957, Government Accounting Standards and International Public Sector
Accounting Standards. And Financial Reporting under the Cash Basis of Accounting.
They are prepared by consolidating financial information from all accounting offices of the
Accountant General’s Department of Malaysia as well as Ministries. In addition, they are
audited by the Auditor General before being tabled in Parliament according to the
requirements of Section 16[2] of the Financial Procedure Act, 1957.
PKKP consists of Financial Status Statements, Cash Receipt and Payment Statements,
Financial Performance Statements, Memorandum Account Statements as well as Notes
to the Financial Statements.
Q5
The objective of MPSAS 1 is to stipulate the manner in which general purpose financial
statements should be presented to ensure similarity both with the entity’s financial
statements of previous periods and with the financial statements of other entities. For this
purpose, MPSAS 1 sets out overall considerations for the presentation of financial
statements, and the requirements for the content of financial statements prepared under
the accrual basis of accounting. The recognition, measurement and disclosure of specific
transactions and other events are dealt with in other MPSASs. The components of the
financial statements in the Malaysian public sector include the following: Notes to the
Financial Statements; Statement of Financial Status; Statement of Financial Performance;
Statement of Cash Receipts and Payments; Statement of Memorandum Accounts.
Q6
These statements present the government's overall financial position, and they offer some
insight into its ability to continue to deliver services in the future. And it shows the amount
of cash and investments held in respect of three accounts of the consolidated fund,
consolidated loan account and consolidated trust account. In addition, there reports are
the standard that citizens, oversight bodies, and other stakeholders use to judge their
government's efficiency, effectiveness, and overall financial condition.
The public sector presents its financial statements on the cash basis of accounting
principles adopted by the federal government. This is to better reflect the information of the
financial statements. So only investments held for specific income and fiduciary purposes
are disclosed in the statement of financial position. For other investments, it is disclosed in
the memorandum account in the financial statements.