1. Which of the following statements on principles and measurements of accounting in Islamic finance is true. (A) Expense recognition is based on the principle that it is either directly or indirectly incurred to the earnings process. (B) Gain and loss recognition is realised as a result of reciprocal or non reciprocal transfer or appreciation or depreciation of recorded value of asset or liabilities due to changes in supply and demand (market mechanism). (C) Revenue recognition is based on the realisation principles (D) All of the above.

1. Which of the following statements on principles and measurements of accounting in Islamic finance is true. (A) Expense recognition is based on the principle that it is either directly or indirectly incurred to the earnings process. (B) Gain and loss recognition is realised as a result of reciprocal or non reciprocal transfer or appreciation or depreciation of recorded value of asset or liabilities due to changes in supply and demand (market mechanism). (C) Revenue recognition is based on the realisation principles (D) All of the above.

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity

Section: Chapter Questions

Problem 1RE

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