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principles of islamic accounting

Questions and Answers of Principles Of Islamic Accounting

Islam emphasises the two concepts of accountability: Vertical as well as horizontal accountability. How would these accountabilities impact the CSR of a business?
Discuss the GRI Framework on Sustainability. What needs to be added to the framework for it to be useful to Islamic societies? Discuss.
Which of the following sources is not a primary source governing principles of commerce and business in Islam?a. The Quranb. Teachings of the Prophet Mohammed (pbuh)c. Jurisprudenced. Tradition
Which type of business organisation(s) can be owned in an Islamic business environment?a. Sole proprietorshipb. Corporationc. Partnershipd. All of the above
Which of the following is not a separate legal entity?a. Proprietorshipb. Sole proprietorshipc. Corporationd. Partnership
Which financial statement reports the status of the business data at a specific date?a. Balance sheetb. Value-added statementc. Income statementd. Statement of cash flows
Which of the following are considered internal users of accounting information?a. Creditorsb. Investorsc. Managersd. Zakat authorities
What does the acronym AAOIFI represent?a. Accounting Aspects of Islamic Financial Institutionsb. Accounting Association of Islamic Financial Institutionsc. Association Accounting International
Which of the following have not been issued by AAOIFI?a. Sharia standardsb. Accounting standardsc. Auditing standardsd. Halal standards
Which of the following values is haram?a. Adl (justice)b. Amanah (honesty)c. Israf (extravagance)d. Infaq (spending to meet social obligation)
Which of the following values is considered haram?a. Zulm (tyranny)b. Hirs (greed)c. Iktinaz (hoarding of wealth)d. All of the above
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
What type of information does each of the following user groups usually seek?a. Individualsb. Managers of organisationsc. Investorsd. Non–interest-based creditors or benevolent loan creditorse.
Distinguish between financial accounting and managerial accounting.
Briefly define Sharia auditing.
What is Sharika al-inan?
What is the basis for the prohibition of preference shares in Islam?
What are the main reasons behind interest prohibition in Islam?
How does the Sharia specify the meaning and the way of achieving accountability in Islam?
Briefly discuss the following statement: ‘The concept of full disclosure is at variance with window-dressing, and creative accounting’.
What is the objective of auditing Islamic financial statements according to AAOFI Auditing Standard for Islamic Financial Institutions No. 1?
Briefly discuss the main Islamic principles affecting accounting and financial reporting.
Which of the following statements about the entity concept is not correct?a. The entity concept requires the preparers of accounts to treat the organisation as a separate entity from that of the
Which of the following statements about market values is not correct?a. Central to Islamic accounting is the use of current values for the correct computation of zakat.b. Current values, when
Which of the following statements is not true?a. Historical cost can be misleading in the computation of zakat.b. AAOIFI adopted the cost concept in its conceptual framework.c. While the cost
Which of the following is not a step in the accounting process?a. Identificationb. Auditingc. Recordingd. Communication
On the last day of the period, Ahmed Islamic Finance Training buys a computer for $2,000 on credit. In what manner does this transaction affect the accounting equation?a. Office Equipment increases
Which of the following statements is correct?a. Debits decrease liabilities and increase assets.b. Debits increase both assets and liabilities.c. Debits decrease both assets and liabilities.d. Debits
Which of the following statements about ledgers is correct?a. A ledger is a collection of the asset accounts in a company.b. A ledger is a book to record daily transactions.c. A ledger is a
If the accounts of Aafaq Islamic Finance show a cash balance of $75,000, equipment $100,000, office building $500,000, and accounts payable $150,000, what is the company owners’ equity?a.
On June 10, 20X6, Dar Al Fatina purchased material supplies on account for $35,000. Which of the journal entries for this transaction in the table below is correct. A Date June 10, 20X6 Cash Accounts
The Material Supplies account at Dar Al Fatina shows the following transactions: Material supplies purchased for cash AED1,000, additional supplies purchased for cash AED500, material supplies
Briefly describe the steps in the accounting process.
Discuss the Islamic view of the profit recognition principles.
How was the osher (Ottoman tax on agriculture products) determined?To which accounting principle does this relate?
Discuss the concept of full disclosure in Islamic accounting.
What are the main differences between conventional accounting and Islamic accounting with regard to the definition of assets?
The requirements in the Quran helped to develop an accounting system for the early Islamic State. Explain the main procedures that were developed and applied by government authorities and individual
Islamic financial statements share the same broad classifications as conventional financial statements. However, a value-added statement is an important outcome of the Islamic financial accounting
‘Historical cost can be misleading both as indicative of values and in the computation of zakat’. Discuss.
Explain the principle of tandeed in Islam.
Post the following journal entries from the books of Aafaq Islamic Finance to their respective T-accounts and compute the October 31 balances. Date Oct. 20X6 3 7 9 12 16 22 General Journal Account
The ledger accounts of Dar Al Fatina show the following account balances as of March 31, 20X6. Prepare a trial balance for the company as of the same date. Accounts Payable Accounts Receivable Cash
During the month of June, the following transactions took place at the Islamic Finance Training Company. Prepare the journal entry for each of these transactions.a. Received 75,000 from owner.b.
The general journal book of Al Markkas shows the following entries for the month of November 20X6 transactions. You are required to post these entries to their respective accounts in the general
During a routine check on the accounts of Dar Al Fatina, the following errors were identified. You are required to state which of these errors causes an unequal total in the trial balance and which
Which accounting principle requires expenses to be matched against the revenues which they help to generate?a. Historical cost principleb. Accounting entity principlec. Expense recognition
Before adjustment, what type of account will result in assets being overstated and the expenses understated?a. Unearned revenuesb. Accrued revenuesc. Prepaid expensesd. Accrued expenses
Which of the following statement about accrual accounting is not correct?a. Expenses are recorded only when cash is paid and cash from revenues received.b. Expenses are recorded when incurred
The adjusting entry for prepaid expenses shoulda. debit the expenses account and credit the asset account.b. debit the expenses account and credit the liability account.c. debit the asset account and
The adjusting entry for unearned revenue shoulda. debit the expenses account and credit the asset account.b. debit the expenses account and credit the liability account.c. debit the asset account and
The adjusting entry for accrued revenue shoulda. debit the expenses account and credit the asset account.b. debit the expenses account and credit the liability account.c. debit the asset account and
The adjusting entry for accrued expenses shoulda. debit the expenses account and credit the asset account.b. debit the expenses account and credit the liability account.c. debit the asset account and
Asset book value can be defined asa. historical costb. market valuec. replacement valued. cost less accumulated depreciation
Discuss the main reasons for adjusting entries, and list the main types of adjusting entries.
Explain the main difference between depreciation expense and accumulated depreciation. How are they related?
List the main factors affecting the computation of depreciation charges.
Explain the main difference between the accrual basis of accounting and cash basis of accounting systems.
Why would an accrual system help in the accurate computation of zakat?
Diamond Advertising was established on June 1, 2019. The company’s trial balance as of June 30, 2019, shows the following account balances:The following additional information was
The following transactions took place during the month of June at Mashreq Company. Prepare the journal entries for the month of June. Transaction No. Date 123 1. June 5 2. June 6 3. June 8 4.
The following transactions took place during 2018 at Diamond Company. Prepare the adjusting journal entries for the year ended December 31, 2018.Transaction Details 1. Diamond has 10 employees
For each of the following accounts, indicate which has a normal debit balance and which has a normal credit balance. 1. Retained earnings 2. Machinery 3. Depreciation 4. Dividends 5. Revenue 6.
Use the following information to answer the below questions pertaining to the adjusting entries of Afaaq Company and Noor Takaful. Afaaq Company purchased an insurance policy for $5,000 on December
Use the following information to answer the following questions pertaining to the adjusting entries of Smart Ideas. Smart Ideas started operation on December 1.The company purchased $3,000 of
Gross profit is equal toa. sales minus cost of goods sold.b. sales minus total operating expenses.c. sales minus advertising expenses.d. sales minus depreciation expenses.
The net income after tax for Dutac for the year 2018 was $1,500,000.The number of shares outstanding at the end of 2018 was 600,000.Dutac issued 100,000 new shares on January 1, 2019. Net income
The sales for Jadco were $384,000 and cost of goods sold was $134,400.What is the company’s gross profit margin (ratio of gross profit to sales)?a. 45%b. 65%c. 56%d. 35%
All the following are current assets excepta. marketable securities.b. investments.c. prepaid expenses.d. cash.
Obligations that will have to be paid within the current year are classified asa. fixed assets.b. accrued expenses.c. current liability.d. long-term debt.
All the following are sections within the cash flow statement excepta. cash flows from operating activities.b. cash flows from management activities.c. cash flows from investing activities.d. cash
The purchase of machinery is classified in the cash flow statement asa. cash flow from operating activities.b. cash flow from assets purchases.c. cash from investment activities.d. cash flow from
The assets classified as current assets are equal toa. $667,000.b. $494,500.c. $414,000.d. $333,500. Cash at bank Prepaid insurance Accounts receivable Inventory Investment land Land Building Less:
Assets classified as property, plant, and equipment are equal toa. $736,000.b. $391,000.c. $563,500.d. $437,000. Cash at bank Prepaid insurance Accounts receivable Inventory Investment land Land
Assets classified as investments are equal toa. $0.b. $345,000.c. $172,500.d. $414,000. Cash at bank Prepaid insurance Accounts receivable Inventory Investment land Land Building Less: Accumulated
The total amount of working capital isa. $310,500.b. $678,500.c. $172,500.d. $138,000. Cash at bank Prepaid insurance Accounts receivable Inventory Investment land Land Building Less: Accumulated
In the balance sheet, what is meant by assets, liabilities, and owners’equity?
How does a profit and loss account differ from a balance sheet?
How does cash-based accounting differ from accrual-based accounting?
Define double-entry accounting.
Define double-entry accounting.
Define a ledger account.
What is the difference between a general journal and general ledger?
Define trial balance.
Why are different financial statements needed for Islamic business organisations?
What are the key criteria that should be applied when preparing financial statements for Islamic business organisations?
Illustrate the key characteristics underlying financial statements for an Islamic business.
In addition to the balance sheet, income statement, and cash flow statement, AAOIFI recommends additional statements. Briefly describe the purpose of each of these and why is it necessary for Islamic
Highlight the key items in the balance sheet of an Islamic bank.
What are the main advantages of disclosing value-added in financial statements from an Islamic viewpoint?
Discuss the main difference between value-added and profit.
What are some of the alternative ways of calculating value-added?

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