1. Which of the following sources is not a primary source governing principles of commerce and business in Islam? a. The Quran b. Teachings of the Prophet Mohammed (pbuh) c. Jurisprudence d. Tradition 2. Which type of business organisation(s) can be owned in an Islamic business environment? a. Sole proprietorship b. Corporation c. Partnership d. All of the above 3. Which of the following is not a separate legal entity? a. Proprietorship b. Sole proprietorship c. Corporation d. Partnership 4. Which financial statement reports the status of the business data at a specific date? a. Balance sheet b. Value-added statement c. Income statement d. Statement of cash flows 5. Which of the following are considered internal users of accounting information? a. Creditors b. Investors c. Managers d. Zakat authorities 6. What does the acronym AAOIFI represent? a. Accounting Aspects of Islamic Financial Institutions b. Accounting Association of Islamic Financial Institutions c. Association Accounting International Financial Institutions d. The Accounting and Auditing Organization for Islamic Financial Institutions 7. Which of the following have not been issued by AAOIFI? a. Sharia standards b. Accounting standards c. Auditing standards d. Halal standards 8. Which of the following values is haram? a. Adl (justice) b. Amanah (honesty) c. Israf (extravagance) d. Infaq (spending to meet social obligation) 9. Which of the following values is considered haram? a. Zulm (tyranny) b. Hirs (greed) c. Iktinaz (hoarding of wealth) d. All of the above 10. Which of the following statements is FALSE according to the Islamic Sharia? a. Charging or receipt of interest is strictly forbidden under the Islamic Sharia. b. Under Islam, the rights of private ownership are ultimately subordinated to God. c. People are not individually accountable for their actions during their lives on the Day of Judgement. d. The principle of khilafa requires individuals to be personally responsible for what is done with the resources entrusted to them