ACC 6253 QUIZ 1 - Topic 1 & Topic 2

What is the main purpose of Islamic accounting?

• To maximize profits for shareholders

• To ensure compliance with Shariah principles

• To simplify financial transactions

• To follow conventional accounting practices

Which Surah in the Quran provides guidance on Islamic accounting?

• Surah Al-Fatihah

• Surah Al-Baqarah

• Surah An-Nisa

• Surah Al-Mulk

Which of the following is NOT a principle of Islamic accounting?

• Transparency and accountability

• Fear of Allah in all transactions

• Use of interest-based financial products

• Proper and complete recording of transactions

What is one key difference between Islamic and conventional accounting?

• Conventional accounting is based on Shariah principles

• Islamic accounting follows IFRS strictly

• Islamic accounting emphasizes ethical and halal transactions

• Conventional accounting does not use financial statements

Which organization issues accounting standards for Islamic financial institutions internationally?

• IFRS Foundation

• Bank Negara Malaysia (BNM)

• Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

• Malaysian Accounting Standards Board (MASB)

What accounting standards do Islamic banks in Malaysia follow?

• AAOIFI rules

• IFRS-compliant MFRS

• U.S. Generally Accepted Accounting Principles (GAAP)

• Conventional banking regulations

Which of the following is NOT a key component of financial reporting?

• Statement of Comprehensive Income

• Statement of Financial Position

• Personal Budget Report

• Statement of Cash Flows

What is the role of Bank Negara Malaysia (BNM) in Islamic financial institutions?

• Auditing Islamic banks

• Issuing policy documents and guidelines

• Creating financial statements for companies

• Replacing IFRS with new accounting standards

Which act governs Islamic banking and financial institutions in Malaysia?

• Companies Act 1965

• Financial Reporting Act 1997

• Islamic Financial Services Act (IFSA) 2013

• Banking and Financial Institutions Act 1989

Which financial reporting framework applies to non-private Islamic financial institutions in Malaysia?

• MPERS

• MASB

• MFRS

• FRS