IFE761 Quiz 1

'Consistency' concept in accounting recognition will meet ONE qualitative characteristics of financial report,

which is:

• Understandability

• Comparability

• Relevance

Accounting ....

• is a process

• is a report

• is a record

• is a person

One example of external users of financial accounting is ...

• Manager

• Director

• Shareholder

• Investor

Accounting processes include the following except:

• reporting

• auditing

• recording

• summarising

Which of the following accounting equation is correct?

• Assets = Capital - Liabilities

• Liabilities = Assets + Capital

• Capital = Assets + Liabilities

• Liabilities = Assets - Capital

This verse indicates which concepts?

• Double Entry

• Duality Concept

• Dual Accountability

• Vicegerency

Islamic accounting is different from conventional accounting in many ways, one of them is ...

• Providing information for decision making purposes

• Source of law in which accounting practices is relied on

• the entire accounting system

• the format of financial position

How would you say that Islamic Accounting is different from the conventional accounting?

Evaluate responses using AI:

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Accounting for Islamic Finance is all about the following EXCEPT

• Initial Measurement and Recognition of transactions.

• Subsequent measurement and de-recognition of transactions.

• Presentations and disclosures of transactions.

• Accounting according to AAOIFI standards.

Murabahah Financing is a

• Liability to Islamic banks

• liability to the customer

• Asset to the customer

• Quasi-equity to the customer