DPA20303 TOPIC 2

The Islamic worldview is based on the concept of ______.

• Profit maximization

• Materialisim

• Tawhid (Oneness of Allah)

• Secularism

In Islam, human beings are regarded as ______ on earth.

• Owner of wealth

• Khalifah (Vicegerents)

• Angels

• Business Partner

Islamic worldview covers both life in this world and the Hereafter.

• True

• False

The ultimate goal of economic activities in Islam is ______.

• Wealth accumulation

• Government control

• Market domination

• Falah (success in this world and the Hereafter)

Which of the following is NOT a characteristic of achieving falah in economic activities?

• Guided by moral and ethical values

• Economic relationships seen as moral relationships

• Profit as the ultimate end-goal

• Business serving society

Which of the following is NOT part of the four Islamic concepts derived from the worldview?

• Khalifah

• Accountability

• Transparency

• Profit maximation

Transparency in Islam is supported by Surah Al-Baqarah (2:282) which emphasizes that transactions should be written down to ensure justice.

• True

• False

The AAOIFI Code of Ethics includes two principles that are not found in IFAC and MIA codes. They are:

• Legitimacy and Faith-driven conduct

• Integrity and Objectivity

• Confidentiality and Professional Behaviour

• Accountability and Transparency

Which of the following is NOT one of the five fundamental principles of ethics in the MIA Code of Ethics?

• Integrity

• Confidentiality

• Professional Competence and Due Care

• Legitimacy

In accounting, ethics is important because accountants are seen as the "conscience of business" and gatekeepers of financial markets.

• True

• False