Which of the following statements are TRUE? I. The rate of zakat varies depending on the category

Question:

Which of the following statements are TRUE?

I. The rate of zakat varies depending on the category of wealth.

II. The rate of zakat is fixed at 2.

5% irrespective of the category of wealth.

III. Only liabilities that are due in the current year are deductible.

IV. The rate for zakat on fixed assets is 2.5%.

a. I and II

b. I and IV

c. I, II, and III

d. I, III, and IV

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Principles Of Islamic Accounting

ISBN: 9781119023296

1st Edition

Authors: Nabil Baydoun, Maliah Sulaiman, Roger J. Willett, Shahul Ibrahim

Question Posted: