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zakah

Quiz by Md Fauzi

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17 questions
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  • Q1
    cleansing of purification of something from dirt or filth
    Zakah
    30s
  • Q2
    To 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 accounting
    30s
  • Q3
    Islamic 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 -1
    30s
  • Q4
    recommended an environmental report and value added statements; and any other statements useful to users, for example, Zakat Fund and Qard Fund
    The MASB TRi-3
    30s
  • Q5
    has issued the financial accounting standard no. 1 on general presentation and disclosure in the financial statements of Islamic banks and financial institutions in January 1996
    AAOIFI FAS 1
    30s
  • Q6
    a 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 needed
    Zakah in general
    30s
  • Q7
    -gold and silver
    tax output
    subjected to zakat
    tax
    zakat fitrah
    30s
  • Q8
    the 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 base
    Zakat shall be assessed when
    30s
  • Q9
    as determined by National Fatwa Council, is 2.5% of zakat base.
    The rate of zakat on business
    30s
  • Q10
    (a) current zakat expense;
    Components of zakat may include
    30s
  • Q11
    Owner's equity + Long term liabilities - fixed assets (non-current assets) (+/-) if any
    business assets that are subjected to zakat calculation
    30s
  • Q12
    NET INVESTED
    URFIYYAH
    30s
  • Q13
    Must be owned for at least 1 year (haul)
    Zakat on Shares
    30s
  • Q14
    on the valuation of assets subjected on zakat recommends cash equivalent value as the basis of valuation.
    AAOIFI FAS 9
    30s
  • Q15
    the minimum amount on which Zakat should be paid
    Nisab
    30s

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