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ACC 6253 QUIZ 1 - Topic 1 & Topic 2

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

What is the main purpose of Islamic accounting?

a)

To maximize profits for shareholders

b)

To ensure compliance with Shariah principles

c)

To simplify financial transactions

d)

To follow conventional accounting practices

2.

Which Surah in the Quran provides guidance on Islamic accounting?

a)

Surah Al-Fatihah

b)

Surah Al-Baqarah

c)

Surah An-Nisa

d)

Surah Al-Mulk

3.

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

a)

Transparency and accountability

b)

Fear of Allah in all transactions

c)

Use of interest-based financial products

d)

Proper and complete recording of transactions

4.

What is one key difference between Islamic and conventional accounting?

a)

Conventional accounting is based on Shariah principles

b)

Islamic accounting follows IFRS strictly

c)

Islamic accounting emphasizes ethical and halal transactions

d)

Conventional accounting does not use financial statements

5.

Which organization issues accounting standards for Islamic financial institutions internationally?

a)

IFRS Foundation

b)

Bank Negara Malaysia (BNM)

c)

Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI)

d)

Malaysian Accounting Standards Board (MASB)

6.

What accounting standards do Islamic banks in Malaysia follow?

a)

AAOIFI rules

b)

IFRS-compliant MFRS

c)

U.S. Generally Accepted Accounting Principles (GAAP)

d)

Conventional banking regulations

7.

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

a)

Statement of Comprehensive Income

b)

Statement of Financial Position

c)

Personal Budget Report

d)

Statement of Cash Flows

8.

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

a)

Auditing Islamic banks

b)

Issuing policy documents and guidelines

c)

Creating financial statements for companies

d)

Replacing IFRS with new accounting standards

9.

Which act governs Islamic banking and financial institutions in Malaysia?

a)

Companies Act 1965

b)

Financial Reporting Act 1997

c)

Islamic Financial Services Act (IFSA) 2013

d)

Banking and Financial Institutions Act 1989

10.

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

a)

MPERS

b)

MASB

c)

MFRS

d)

FRS

11.

Islamic accounting allows transactions that involve riba (interest).

a)

True

b)

False

12.

Islamic accounting is based on both financial and ethical considerations.

a)

True

b)

False

13.

AAOIFI sets global accounting standards for both Islamic and conventional banks.

a)

True

b)

False

14.

Gharar refers to excessive uncertainty in financial transactions.

a)

True

b)

False

15.

The Malaysian Accounting Standards Board (MASB) develops accounting standards for both conventional and Islamic financial institutions.

a)

True

b)

False

16.

Islamic financial institutions in Malaysia fully comply with AAOIFI standards.

a)

True

b)

False

17.

One of the key objectives of Islamic accounting is to seek the pleasure of Allah.

a)

True

b)

False

18.

Bank Negara Malaysia (BNM) ensures that Islamic banks follow Shariah governance policies.

a)

True

b)

False

19.

Islamic financial statements follow the same principles as conventional financial statements with no differences in ethics.

a)

True

b)

False

20.

Malaysia's Islamic financial institutions adopted IFRS-compliant MFRS instead of AAOIFI standards.

a)

True

b)

False