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Problem 1: Which of the following is CORRECT about the role of an efficient Islamic financial intermediary.
A) To serve as One Stop Islamic Finance Reference Centre for the Islamic Finance industry.
B) To provide with the understanding and support, necessary to succeed in the implementation and offering of Islamic financial products and services.
C) To prepare accounting, auditing, governance, ethics and Shariah standards for Islamic Financial Institutions and the industry.
D) To have a well-developed market for risk trading to protect economic agents from both event risks and financial risks.
Problem 2: An entrepreneur was offered Musharakah financing contract with the following details:
Principal = RM100,000
Rate of return = 8% p.a.
Profit sharing ratio = 70:30 (Bank: Entrepreneur)
Term = 6 months
Calculate the entrepreneur's gain from this contract.
A) RM2,800
B) RM1,200
C) RM33,600
D) RM14,400
Karen Company statement of financial position. If doubtful accounts are 3% of accounts receivable, determine the bad debt expense to be reported for 2018.
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