In some countries, financial institutions operate under Shariah, which also gives guidance about accounting practice in these institutions. What is “Shariah?”
A. Shariah is the financial accounting standards board in Saudi Arabia.
B. Shariah is the law governing human conduct that is derived from the Koran.
C. Shariah is the codification of banking regulations in the European Union.
D. Shariah is a political system used in South American countries.
Answer:B
In some countries, financial institutions operate under Shariah, which also gives guidance about accounting practice in these institutions. What is “Shariah?”
A. Shariah is the financial accounting standards board in Saudi Arabia. B. Shariah is the law governing human conduct that is derived from the Koran. C. Shariah is the codification of banking regulations in the European Union. D. Shariah is a political system used in South American countries.