MCQs on Islamic Accounting Theory and Practice - 1

 1.Accounting entity concept is acceptable in Islam as it resembles ……..

(a)Baithul maal 
(b) Musharaka 
(c) Zakat 
(d) Wakala

Answer: (a)

2.Conventional accounting measurement is based on cost principle that considers
……….cost.
(a) Historical 
(b) Current 
(c) Market 
(d)Fairvalue

Answer: (a)

3.In case of Zakat determination, majority of scholars recommended use of
…….prices.
(a)Current price 
(b) Acquisition price 
(c) Past price 
(d)Any price

Answer: (a)

4.……….indicates a philosophical reflection on moral beliefs and practices.
(a) Values 
(b) Ethics 
(c) Fairness 
(d) Accountability

Answer: (b)

5.………principle requires accountant to be competent and adequately qualified.
(a)Integrity 
(b) Piety 
(c) Righteousness 
(d) Sincerity

Answer: (a)

6.Expand the term IAS.
(a)Indian Accounting Standards 
(b)Indian Auditing Standard
(c)International Auditing Standard 
(d)International Accounting Standards

Answer: (d)

7.Islamic Accounting includes:
(a)Recording 
(b)Recognition
(c)Measurement 
(d)All of these

Answer: (d)

8.The total number of Auditing standards issued by AAOIFI is…..
(a) 5 
(b)26 
(c)2 
(d)10

Answer: (a)

9.Which one of the following is not a fund for islamic banks.
(a)Current a/c 
(b)Saving a/c
(c)Investment a/c 
(d) Account receivable

Answer: (d)

10.A bank is considered as a custodian and trustee of money is……….
(a)Wadia 
(b)Hisbah 
(c)Tawarruq 
(d)Hibah

Answer: (a)
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