At the end of 2019, the world was shocked by the spread of the COVID-19 epidemic. Malaysia is also not exempt from the COVID-19 outbreak which has a negative impact on public health. In order to curb the spread of the COVID-19 epidemic, the Malaysian Government has announced a Movement Control Order throughout Malaysia. This Movement Control Order has affected the country's economy and has had a huge negative impact on Malaysians. People's lives are severely affected and the government needs to intervene so that the situation does not worsen. 

The government has announced an economic stimulus package with various initiatives to re-stimulate the Malaysian economy. The announcement of this initiative needs to be accompanied by financial allocation so that the initiatives concerned can be implemented effectively and efficiently. Therefore, the government has allocated part of the government's finances for that purpose and the financial allocation is included in the COVID-19 Trust Fund for that purpose.

 

Required:

a) Explain the accounting for the trust fund and the procedure for establishing the COVID-19 Trust Fund as a special fund created by the Government during the pandemic period. 

 

b) Explain the difference between a Trust Account (Section 10, Act 61) and a Trust Account (Section 9, Act 61)

 

c) Discuss how the COVID-19 pandemic affects the Government's financial.