Subject: Accounting theory and practice

The traditional Western double-entry based accounting technology is well-suited to an orthodox, positivist society of any kind. It is not surprising that it is proving inadequate, as people are returning to more integrated world views, whether Islamic or otherwise (Hayashi,1989)

Required: (a) Evaluate the need for Islamic Accounting in todays business world. (15 marks)

(b) Distinguish between Islamic accounting and conventional accounting with examples of current practices (15 marks)

Total:30 Marks