
zakah
Quiz by Md Fauzi
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17 questions
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- Q1cleansing of purification of something from dirt or filthZakah30s
- Q2To determine rights and obligations of all interested parties, including those rights and obligations resulting from incomplete transactions and other events, in accordance with the principles of shari'ah and its concept of fairness, charity and compliance with Islamic business values.objectives of financial accounting30s
- Q3Islamic banking financial reporting practices in Malaysia are under the purview of Bank Negara Malaysia (BNM), Companies Act 1965, applicable MASB accounting standard and International Financial Reporting Standard (IFRS).MASB FRSi -130s
- Q4recommended an environmental report and value added statements; and any other statements useful to users, for example, Zakat Fund and Qard FundThe MASB TRi-330s
- Q5has issued the financial accounting standard no. 1 on general presentation and disclosure in the financial statements of Islamic banks and financial institutions in January 1996AAOIFI FAS 130s
- Q6a compulsory levy imposed on the Muslims so as to take surplus money or wealth from the comparatively well-to-do members of the Muslim Society and give it to the destitute and neededZakah in general30s
- Q7-gold and silvertax outputsubjected to zakattaxzakat fitrah30s
- Q8the entity has been in operation for at least 12 months, i.e for the period known as haul. Zakat on business shall be calculated by multiplying zakat rate with zakat baseZakat shall be assessed when30s
- Q9as determined by National Fatwa Council, is 2.5% of zakat base.The rate of zakat on business30s
- Q10(a) current zakat expense;Components of zakat may include30s
- Q11Owner's equity + Long term liabilities - fixed assets (non-current assets) (+/-) if anybusiness assets that are subjected to zakat calculation30s
- Q12NET INVESTEDURFIYYAH30s
- Q13Must be owned for at least 1 year (haul)Zakat on Shares30s
- Q14on the valuation of assets subjected on zakat recommends cash equivalent value as the basis of valuation.AAOIFI FAS 930s
- Q15the minimum amount on which Zakat should be paidNisab30s