Which of the following statements on principles and measurement 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 realization principle D)All of the above

Which of the following statements on principles and measurement 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 realization principle D)All of the above

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Description: Which of the following statements on principles and measurement of accounting in Islamic finance is trueA)Expense recognition is based on the principle that it is either directly or indirectly incurred to the earnings processB)Gain and loss recogniti

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 1MC: Which of the following is not a criterion to recognize revenue under GAAP? A. The earnings process...

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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.
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