Tag: acca in malaysia

  • Understanding Accounting Journals: Types and Their Importance

    Understanding Accounting Journals: Types and Their Importance

    Why Are Accounting Journals Essential For ACCA Aspirants? 

    If you are studying ACCA in Malaysia, you might be a bit familiar with the concept and importance of accounting journals for this qualification. ACCA accounting journals are quite an essential and foundational step for any accounting process aspirants of ACCA, who are required to be proficient in understanding and using these journals. The importance of accounting journals in ACCA is evident by how extensively and in-depth this topic is covered in the early modules.

    Accounting journals are the basic tools used to record business transactions systematically; these journals are used as a fundamental step of any accounting process. A firm’s financial statements and reports are created with the help of these journals; the statements are important to track a firm’s financial performance. Additionally, these accounting journals allow financial statements and reports to be accurate and transparent, which is crucial for accountants academically as well as professionally. To get more insights about accounting journals, their importance, and their types, read the blog ahead.

    What is an Accounting Journal?

    An accounting journal is a fundamental step for any accounting process, it is a comprehensive account that records all the financial business transactions to keep track of a firm’s finances. It is commonly known as ‘the book of original entry because any financial transactions are first recorded in these journals and afterward used in other accounting processes or financial activities. 

    Types of Accounting Journals: 

    Commonly, there are seven types of accounting journals; each one of them is briefly explained:

    • General journal: to record financial transactions that don’t fit in specialized journals.
    • Sales Journal: This journal records all the credit sales only; essential to track accounts receivable and revenue.
    • Purchases Journal: records all the purchases on credit, to track accounts payable and expenses.
    • Cash Payments Journal: used to record all the cash outflows; focuses on covering expenses such as rent, utility payments, etc.
    • Cash Receipt Journal: records all the incoming cash flow, such as customer payments, loan receipts, etc.
    • Sales Returns and Allowance: records all the goods returned by the customer and discounts after sales; essential for customer satisfaction.
    • Purchase Returns and Allowances: to keep track of all the items returned to the supplier or discounts received. 

    Covered in Modules of ACCA in Malaysia:

    Accounting journals carry great importance in the ACCA qualification as they work as a fundamental accounting process taught to aspirants so that they can use them in complex financial concepts/ processes. The qualification emphasizes understanding and utilizing Accounting journals through many ACCA modules, some of which are listed below:

    1. Recording Financial Transactions (FA1): 

    This module is from the foundational level in Accountancy (FIA), and it mainly focuses on making aspirants understand the use of journals to record the financial transactions of a business. With the help of this module, students get a good understanding of these journals, their types, and the ability to distinguish between different kinds of journals, such as sales journals, purchase journals, etc. 

    2. Financial Accounting (FA): 

    Financial accounting is a module from the Applied Knowledge level of ACCA in Malaysia; it provides insights about the importance and use of journals in creating and maintaining financial statements. It covers topics like depreciation, adjustments for accruals, prepayments, error correction, etc. 

    3. Financial Reporting (FR):

    Financial reporting is an ACCA module from the Applied Skills level; this module is a bit more complex than previously mentioned modules as it provides a deeper understanding and use of journals for complex transactions. These complex transactions include provisions, lease accounting, financial instruments, etc.

    4. Audit and Assurance (AA): 

    Audit and Assurance (AA) is a module from the Applied Skills level of ACCA in Malaysia; this module also emphasizes understanding journal entries so that auditors can identify fraudulent activities and errors. It trains aspirants on how skilled auditors should use journals to verify or trace financial transactions during an audit.

    Importance of Accounting Journals For ACCA Aspirants and Professionals: 

    An essential and fundamental skill that enables professionals to record and interpret financial data accurately.

    • Many ACCA modules include journal entries and proficiency in this area can help you achieve academic success.
    • These journals have key importance in professional applications as well; they help in preparing financial statements according to IFRS. 
    • Helps in maintaining ethics and integrity by ensuring accuracy and transparency in financial reports.

    Real-World Application For ACCA Professionals:

    Accounting Journals are an important part of finance professionals, not only in terms of academic use but professionally as well. Effective application of these journals is important to create, interpret, maintain, and assess financial reports. Accountants, Auditors, Tax advisors, as well as Finance Managers and Controllers, are required to have a good understanding and effective application skills in creating and using accounting journals.

    Conclusion: 

    Therefore, as an aspirant or professional of ACCA in Malaysia, a good understanding and effective application of accounting journals is crucial, both academically and professionally. The ACCA qualification emphasizes training aspirants with this practical skill, which is foundational to accelerating an individual’s academic and professional journey in the financial world. Many accounting professionals, from entry-level roles to senior-level roles, are expected to be proficient in maintaining accounting journals; this showcases the importance of these journals in the finance sector. 

    Frequently Asked Questions (FAQs): 

    Q1: What is the major difference between a general journal and a special journal?

    Ans: A general journal records entries that do not fit in specialized journals separately, whereas a special journal records transactions of similar types used repetitively.

    Q2: What does a journal entry include?

    Ans: Typically, a journal entry includes accounts involved (Debit or Credit), the date of the transaction, the amount involved, and narration or description.

  • Financial Accounting vs Management Accounting in Malaysia- Key Differences Explained

    Financial Accounting vs Management Accounting in Malaysia- Key Differences Explained

    Are You Curious To Know The Major Differences Between Financial Accounting And Management Accounting?

    Aspirants of ACCA in Malaysia usually find themselves in a confusing situation where they cannot identify the differences between financial accounting and management accounting in Malaysia. If you are one of them, this blog will be a great guide to help you identify and assess key differences, advantages, and career pathways of financial accounting vs management accounting in Malaysia.

    The qualification of ACCA in Malaysia focuses on various important areas of accounting and finance, including financial and management accounting. Both of these modules are an important part of the ACCA qualification as well as the accounting sector and play a vital role in building your career as an accountant in Malaysia. Financial accounting and Management accounting modules offer a comprehensive understanding of accounting techniques, principles, and formats. Both of them have a diverse accounting curriculum that mainly focuses on distinctive areas and is suitable for different accounting roles. 

    Financial Accounting vs Management Accounting in Malaysia: 

    Financial accounting and management accounting are both essential modules of ACCA in Malaysia, offering distinctive career pathways. Financial accounting is a primary source for communicating financial statements to external parties. This course includes the process of summarizing, recording, and reporting financial statements that showcase a company’s financial performance. Financial statements are of various kinds, such as balance sheets, cash flow statements, income statements, etc. 

    On the other hand, Management accounting is primarily used for decision-making purposes by managers or internal users. In this course, aspirants are well-trained to identify, analyze, measure, communicate, and interpret the financial performance or information of a company. 

    Purpose of Financial Accounting vs Management Accounting in Malaysia

    Financial accounting is essential to communicate financial statements to external users such as stakeholders, investors, and tax authorities; these statements should be concise, transparent, and clear.

    Management accounting is crucial for decision-making in a firm; it is used to provide managers with all the essential financial and non-financial information so that they can decide to improve the company’s overall performance. 

    Users of Financial Accounting vs Management Accounting in Malaysia:

    Financial accounting is used by external users only; users are usually investors, stakeholders, regulators, tax authorities, etc. To be more specific, these users in Malaysia also include the Inland Revenue Board (IRB), the Companies Commission of Malaysia (SSM), Banks and investors, and Bursa Malaysia (for listed companies only).

    On the other hand, Management accounting is used for internal decision-making by internal users such as managers, executives, etc. Management accounting allows them to plan, manage, and make informed strategic decisions for the betterment of the company.

    Regulations and Standards: 

    In Malaysia, the financial statements must comply with certain local regulations and reporting standards such as Malaysian Financial Reporting Standards (MFRS), Private Entity Reporting Standards (PERS), and Malaysian Accounting Standards Board (MASB). 

    On the contrary, Management accounting in Malaysia is not regulated, which means there is no standardized law or regulation that needs to be followed. Companies can design financial reports and statements as per their need and preferences.

    Reporting Frequency: Financial Accounting vs Management Accounting in Malaysia

    Financial accounting reports and statements are usually prepared annually or quarterly in some cases (such as for the listed companies on Bursa Malaysia)

    Whereas, Management accounting reports can be prepared monthly, weekly, or even on a daily basis; they are quite flexible, and the frequency of reporting is influenced by the business needs.

    Reporting Format For Financial Accounting vs Management Accounting in Malaysia:

    Financial accounting follows standardized reporting formats, for example: Income statements, statements of cash flows, statement of financial position, balance sheets, etc.

    On the other hand, Management accounting has no standard reporting format; rather, it uses custom formats that are tailored according to business needs. For example: variance analysis, budgeting reports, departmental performance reports, etc. 

    Time Orientation of Financial Accounting vs Management Accounting in Malaysia: 

    Financial accounting emphasizes historical recording and reporting, which means it places more focus on past financial results. 

    Management accounting follows a future-oriented approach; it focuses on the upcoming financial performance of a company by planning, forecasting, and budgeting.

    Audit Requirements of  Financial Accounting vs Management Accounting in Malaysia: 

    The audit requirements of Financial Accounting are predetermined; audit is mandatory under the Companies Act of 2016 (Malaysia).

    Whereas, in management accounting, the reports are not subject to audit because these reports are for internal use only. 

    Key Considerations of Financial Accounting vs Management Accounting in Malaysia: An Overview

    Some of the major differences between financial accounting and management accounting are given below:

    • The purpose of financial accounting is to communicate financial position to outsiders; in management accounting, the main purpose is decision-making.
    • Primary users of financial accounting are external parties that make financial decisions, while management accounting users are internal managers who plan and control organizational and financial activities.
    • Financial accounting focuses on the past and is history-oriented, whereas management accounting is future-oriented. 
    • Financial accounting deals with objective financial information; management accounting deals with financial and non-financial information.
    • Time of financial accounting can range from monthly to quarterly reports, whereas management accounting can be ultra-current to a very long time horizon.
    • Financial accounting is formal, while management accounting can be both formal and informal.

    Conclusion: 

    If you are an aspirant of ACCA in Malaysia trying to get in-depth knowledge about financial accounting and Management accounting to know how they can affect your professional life ahead, know that both of these courses offer comprehensive accounting knowledge. This knowledge is highly valued in the accountant’s profession; therefore, stay focused and give your best in these courses to showcase extraordinary academic performance.

    Frequently Asked Questions (FAQs)

    Q1: Is it mandatory to audit financial statements in Malaysia?

    Ans: Yes, according to the Companies Act 2016, most of the company’s financial statements are required to be audited every year.

    Q2: Enlist the types of reports usually used in management accounting.

    Ans: The types of reports usually used in management accounting are as follows:

    • Performance evaluations,
    • Cost analyses,
    • Variance reports,
    • Budget reports, etc. 
  • Best Institutions for the ACCA Course in Kota Kinabalu

    Best Institutions for the ACCA Course in Kota Kinabalu

    Your ACCA Journey Starts Here: Best Institutions for the ACCA Course in Kota Kinabalu

    Do you aspire to make a thriving career while studying in Southeast Asia? Malaysia could be the perfect destination to make your ambition come true! Malaysia is widely known as home to a diverse range of cultures and provides students with an experience they won’t soon forget, as well as a route to internationally recognized credentials like the ACCA (Association of Chartered Certified Accountants). 

    For ACCA aspirants, Malaysia is the best option due to its top-notch institutions for the ACCA course in Kota Kinabalu and other cities, as well as a reasonably priced cost of living. If you are all set to pursue your ACCA journey in Malaysia, check this list of the best ACCA institutes in Malaysia and choose the most suitable option for you. Here we go— 

     

    1. Mirchawala’s Hub Accountancy 

    Mirchawala’s Hub of Accountancy, an ACCA Gold Approved Learning Partner, is regarded as one of the most suitable options for the online ACCA course in Kota Kinabalu.

    The institute has gained a great reputation worldwide by giving students the knowledge, study support, and exam-taking techniques they require to qualify for the ACCA exams and gain a highly sought-after certification. All the facilities here are expert ACCA tutors who are dedicated to assisting students in becoming ACCA-qualified. The extensive study resources and competent tutors at Mirchawala prepare every student to ace the ACCA exams. Taking an online ACCA course at Mirchawala could open up a lot of options for people who want to work in accounting or finance.

    1. Institut Sinaran

    Another popular name to pursue the ACCA course in Kota Kinabalu, Institut Sinaran is committed to offering students comprehensive development through high-quality instruction, efficient pastoral care, and a supportive learning environment, all of which are part of its aim to provide globally recognized and holistic education.

    The internationally recognized Cambridge GCE A-Level, Foundation, and Diploma programs are offered at Institut Sinaran. Its course offerings include subjects such as science, commerce, marketing, accounting, and the arts. Institut Sinaran also provides ACCA Strategic Professional Qualifications preparation, IELTS preparation, and, most recently, a Diploma in Mechatronics Engineering Technology. These programs are thoughtfully designed to give students the information and abilities they need to succeed in their chosen industries, guaranteeing that they are ready for the workforce.

    1. Taylor’s College 

    Due to its academic quality and reputation for placing students in prestigious colleges of their choosing, Taylor’s College has been recognized as Malaysia’s Best Pre-University since 1969. The South Australian Certificate of Education International, Cambridge A Level, Foundation, Diploma, and Professional programs are among the many programs that Taylor’s College offers.

    In addition to Taylor’s University, Garden International School, Australian International School Malaysia, Nexus International School Putrajaya, Nexus International School Singapore, and Taylor’s International Schools, Taylor’s College is a part of the Taylor’s Education Group.

    1. Tunku Abdul Rahman University of Management and Technology (TAR UMT) 

    Established in 1969 as TAR College, Tunku Abdul Rahman University of Management and Technology (TAR UMT) aims to give Malaysians access to higher education regardless of their race, class, or religion. The institution aimed to provide high-quality education while satisfying the growing need for human resources across a range of enterprises and industries. Since its founding, the main campus in Setapak, Kuala Lumpur, has grown to include five branch campuses in Penang, Perak, Johor, Pahang, and Sabah. 

    1. Kinabalu Commercial College (KCC)

    Kinabalu Commercial College (KCC) is one of the oldest and most respected private education providers, which was founded in 1968. It offers a wide range of financial The college meets the high-quality educational needs of working people and school dropouts by offering a variety of university, professional, business, language, and IT courses at reasonable costs. As a leading name for ACCA courses in Kota Kinabalu, the college offers a comfortable study space with fully furnished lecture halls, seminar rooms, computer labs, and a completely air-conditioned library. There is a team of highly knowledgeable and experienced tutors.

    1. Sunway College

    Many students consider Sunway College to be among the best to pursue the ACCA course in Kota Kinabalu. Tan Sri Dato’ Seri Sir Dr. Jeffrey Cheah, the founder of Sunway Group, initially presented the concept to potential students in 1987 because he thought that education. 

    Today, Sunway College provides Malaysians and international students with numerous options to earn internationally recognized degrees from universities in the United Kingdom, the United States, Canada, Australia, and many other countries. With its outstanding twinning and credit transfer programs, Sunway College gained prominence fast and became a well-known brand for education.

    These were the top options when looking for an ACCA Course in Kota Kinabalu. All these institutions open the door for your success in becoming a certified accountant. So, make an informed decision and choose your learning provider. For more information, contact us. Stay tuned for such informative content!

    Frequently Asked Questions (FAQs)

    Q: Is Malaysia good for ACCA?

    Ans: Malaysia can be the ideal location to make your ambition come true. It is home to a diverse range of cultures and provides students with both an amazing educational experience and a route to the ACCA certification.

    Q: How long is ACCA in Malaysia?

    Ans: Since you can finish ACCA from SPM in three years, this is the quickest and easiest way to become qualified. You can begin your ACCA by taking the ACCA FIA after finishing your SPM or O-Level.

    Q: Which is recommended as the best coaching to pursue an online ACCA course in Malaysia?

    Ans: Mirchawala is considered a pioneering ACCA institute for online learning. 

  • Turn Your ACCA Dreams into Reality with an ACCA Scholarship in Malaysia.

    Turn Your ACCA Dreams into Reality with an ACCA Scholarship in Malaysia.

    All You Need To Know About ACCA Scholarship in Malaysia

    ACCA aspirants are usually very considerate about the financial obligations of this qualification, especially students in academics who are from an underprivileged background. 

    Are you an aspirant of ACCA, anxious about all the financial obligations this qualification brings to the table? Don’t worry, along with other flexibilities, ACCA offers many financial aid opportunities that can lessen your burden. These aids are in the form of discounts, employer sponsorship, and ACCA scholarships in Malaysia. Students can avail of these opportunities on multiple grounds, such as academic excellence, early bird discounts, etc.

    Why Pursue ACCA in Malaysia: 

    The ACCA in Malaysia is becoming quite popular because of the career opportunities and professional progression this qualification offers. There are numerous academic and professional benefits of the ACCA qualification, such as global recognition, diverse academic knowledge, compliance with the regulatory framework and international accounting standards, career enhancement, focus on modern technical skills, etc. All these factors combined make ACCA the most sought-after qualification in accounting and finance in Malaysia.

    The Financial Challenges:

    Every qualification has both pros and cons; likewise, alongside numerous benefits, the ACCA qualification also has some challenges. The main challenge that can cause distress in aspirants is the financial consideration of the qualification. ACCA aspirants are responsible for the registration charges, annual subscription charges, exam fees, and exemption fees charged by ACCA Global. Additionally, students also have to bear tuition fees and study material costs charged by the institute or resource provider. However, ACCA scholarship opportunities in Malaysia reduce these burdens and provide students with a sense of relief.

    What is an ACCA Scholarship? 

    The ACCA scholarship is a token of appreciation or a reward for students who showcase extraordinary academic performance to encourage them and offer them financial relief. These scholarships are usually offered by organizations, accounting firms, ACCA institutes, or ACCA Global itself to students who showcase good educational performance and meet all the eligibility requirements. Some of the scholarships cover tuition fees while other covers examination fees; the amount covered can vary depending on the nature of the scholarship.

    Types of Scholarships Available in Malaysia: 

    1. ACCA Malaysia Scholarships:

    ACCA Malaysia also offers many scholarships to students depending on their academic performance and financial needs. The ACCA scholarship covers a certain portion of the fees, depending on your interview and academic profile.

    2. Institutional Scholarships: 

    ACCA scholarship is also offered by various local and international institutes to support aspirants in facing financial challenges. These institutional scholarships offer relief in tuition fees; the percentage of the portion depends on the institute and the student’s prior academic results.

    3. Corporate Scholarships: 

    Many employers offer sponsorships and scholarships to their employees and outstanding students for such professional qualifications so that the employee can gain knowledge and work for the sponsors, benefiting their organization. The ACCA scholarship is usually offered by big accounting firms, financial institutions, and large corporations.

    4. Government and NGO Scholarships: 

    Government agencies and non-profit organizations also have many schemes and scholarships, especially offered to students from less privileged backgrounds. These scholarships are very competitive; therefore, candidates are advised to stay current with any updates regarding them and try to meet all the eligibility requirements.

    Eligibility Criteria For ACCA Scholarship in Malaysia: 

    The eligibility criteria for each ACCA scholarship can vary depending on multiple factors, such as the nature, type, and sponsor of the scholarship. However, the following are the general requirements that need to be fulfilled to acquire a scholarship in Malaysia. 

    • Strong academic background; candidates should be able to showcase good academic performance in their educational history.
    • Candidates with financial needs are eligible for certain scholarships tailored for underprivileged students only.
    • Some scholarships require you to be enrolled in an accredited program with a well-recognized institute.

    How To Apply For an ACCA Scholarship in Malaysia: 

    The process of applying for a scholarship in Malaysia isn’t very complex. Still, students are advised to stay attentive and pay attention to every detail to fulfill all the requirements and meet the deadlines. Here is a step-by-step process for applying for an ACCA scholarship in Malaysia:

    • Do research on all the available scholarships in Malaysia; you can visit different university websites, government schemes, and corporate sponsors to identify any opportunities.
    • After doing research, go through the eligibility criteria of each scholarship to ensure that you meet all the requirements.
    • Usually, scholarships require you to submit certain documentation as evidence, so make sure your documentation is prepared to be submitted.
    • Once you have prepared the documents, you can apply for the scholarship along with an application.
    • After applying, keep track of the scholarship progress; this will help you stay updated on the status.

    Conclusion: 

    There are various scholarships, sponsorships, and discounts offered by ACCA Global, organizations, NGOs, government agencies, and institutes in Malaysia. These scholarships help in lessening the financial burden on aspirants’ shoulders, offering them a bit of relief. The portion covered by financial aid can vary; candidates have to fight to secure a scholarship based on academic performance. Students can search for scholarships available in Malaysia and apply for the one that works best for them. 

    Students are advised to stay current with the deadlines and requirements of the scholarship in Malaysia so that they do not miss out on any opportunity.

    Frequently Asked Questions (FAQs)

    Q1: What expenses are covered by an ACCA scholarship?

    Ans: ACCA scholarship in Malaysia may cover examination fees, tuition fees, annual subscription, registration fees, study material, etc., depending on the nature and type of the scholarship.

    Q2: What documents are usually required to apply for an ACCA scholarship in Malaysia?

    Ans: Usually, the documents required to apply for a scholarship in Malaysia include academic transcripts, proof of income, personal statement, filled application form, reference letters, etc.

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