Zakat and Tax Accounting: Q & A Assignment
Q1. Explain how Gains and losses on disposal of assets are calculated and give numerical examples for taxable gains and non-taxable gains. (DO NOT copy from the Law).
Q2. Discuss why some fixed assets require alms to be paid while others do not. (In your own words DO NOT copy from any source). (1 Mark).
Q3. Growth is an important condition for assents to be eligible for Zakat. Discuss the importance of growth and the reason behind requiring such rule. (In your own words DO NOT copy from any source).
Q4. Explain why ownership rights do not deduce alms assets. (In your own words DO NOT copy from any source).