QUESTION 1 Discuss the role of accounting in business QUESTION 2 Explain the differences between the Malaysian Accounting Standard Boards (MASB) and the Malaysian Institute of Accountant (MIA). QUESTION 3 Selected transactions completed by a proprietorship are described below. Indicate the effects of each transaction on assets, liabilities, and owner's equity by inserting "+" for increase and "-" for decrease in the appropriate columns at the right. If appropriate, you may insert more than one symbol in a column (a) Received cash from owner as an additional (b) Purchased supplies on account (c) Paid rent for the current month (d) Received cash for services sold to customers Returned some defective supplies purchased in (b) (f) Paid insurance premiums in advance (g) Paid cash to creditor for purchases in (b) (h) Charged customers for services sold on account (6) Paid cash to a customer as a refund for an G Received cash on account from customers (k) Owner withdrew cash for personal use (1) Recorded the cost of supplies used during the year (m) Received invoice for electricity used (n) Paid wages (o) Purchased a truck for cash A=Asset L-Liability E-Equity