MCQs on Islamic Accounting Theory and Practice - 2

 1. AAOIFI came into existence in the year……

(a) 1990 
(b) 1980 
(c) 1985 
(d) 1996

Answer: (a)

2. Income and expenses relate to the statement of……….
(a)Financial position 
(b) Income statement
(c) Cash flow 
(d)Retained earnings

Answer: (b)

3. Assets, Liabilities and equity relate to the statement of……….
(a)Financial position 
(b) Income statement
(c) Cash flow 
(d)Retained earnings

Answer: (a)

4. …….concept denote ‘unity of God’
(a)Taklif 
(b)Tawhid 
(c)Falah 
(d) Amanath

Answer: (b)

5. ………..relate to morals and treating of moral questions
(a)Accountability 
(b)Fiqh 
(c) Ethics 
(d) Responsibility

Answer: (c)

6. ……implies that all professional duties must be according to sharia.
(a)Objectivity 
(b) Legitimacy
(c) Diligence 
(d) Faith- driven conduct

Answer: (b)

7. IASB stands for……….
(a)International Accounting Standard Board
(b)International Auditing Standard Board
(c)International Accounting Service Board
(d)International Auditing Service Board

Answer: (a)

8.FAS stand for…….
(a)Financial Accounting Service 
(b) Financial Auditing Service
(c) Financial Accounting Standard 
(d) Financial Auditing Standard

Answer: (c)

9.FAS 8 deals with……..
(a) Musharaka 
(b)Mudaraba 
(c) Ijara 
(d) Salam

Answer: (c)

10.FAS………… deal with general presentation and disclosure in the financial
statement of Islamic Banks.
(a) FAS 1 
(b)FAS 2 
(c)FAS 3 
(d) FAS 4

Answer: (a)

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