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Question 1: In this Unit’s reading the article discusses an instance where religious guidelines impact accounting principles. For example, many countries (Saudi Arabia, Kuwait, and others) adhere to Islamic practices- areas that dictate a separate set of accounting principles.
A. Based on those Islamic guidelines, the text explains that interest cannot be charged on loans. Similarly, conventional insurance practices can’t be used as a part of business dealings.
a. The text explains the underlying philosophy used in these Islamic guidelines. Define that in your own words. Is the idea that the lender must share in the borrower’s risk reasonable, or does that approach make it impossible for the company to do business in an Islamic-based country?
b. Explain alternatives that are available to companies- enabling them to conduct business in this environment.
Question 2: Volatility is an issue that often comes up in business accounting. Rapid changes in the internal and external environment frequently force drastic changes on each business.
A. Based on the concept of volatility, do you think accounting principles are always an accurate way of tracking the company’s successes and failures, or does accounting only represent a ‘past’ view of the company’s health?
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