QUESTION 1 Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements. The objective of such standards is to provide...

QUESTION 1

Accounting standards specify how transactions and other events are to be recognized, measured, presented and disclosed in financial statements. The objective of such standards is to provide financial information to investors, lenders, creditors, contributors and others that is useful in making decisions about providing resources to the entity. In Malaysia, the accounting standards are issued by Malaysian Accounting Standards Board (MASB). It is established under Financial Reporting Act 1997 as an independent authority to develop and issue accounting and financial reporting standards in Malaysia (L&Co. Chartered Accountants, 2021).

By referring to the above statement:

1.     a) Describe THREE (3) types of public accounting.


2.     b)Discuss THREE (3) importance of accounting.