MCQs on Islamic Accounting Theory and Practice - 4

 1.Mudaraba structure consisting three parties called……..

(a) Simple mudaraba 
(b) Bilateral
(c) Multilateral 
(d) Re-mudaraba

Answer: (d)

2.Mudaraba capital provided by the Islamic Bank in kind shall be measured at…….
(a)Fair value 
(b) Market value
(c) Historical value 
(d) at any value

Answer: (a)

3.Several parties of capital provider and one party of entrepreneur is called….
(a) Simple mudaraba 
(b) Bilateral
(c) Multilateral 
(d) Re-mudaraba

Answer: (d)

4.Musharaka financing included in the Financial Accounting Standard …..
(a) FAS 1 
(b) FAS 2 
(c) FAS 3 
(d)FAS 4

Answer: (a)

5.…….implies that partner’s share in the Musharaka capital remain constant
through out the year.
(a) Constant musharaka 
(b) Diminishing musharaka
(c)Simple musharaka 
(d) Multi musharaka

Answer: (a)

6.In Musharaka financing,the Islamic Bank’s unpaid share of the proceeds shall be
recorded in……….
(a)Receivable a/c 
(b)Reserve a/c 
(c)Charity a/c 
(d)Balance sheet

Answer: (b)

7.………refers to a sale against deferred payment.
(a)Murabaha 
(b)Bai Muajjal 
(c) Musawama 
(d)Hire purchase

Answer: (d)

8.Ijara Muntahia Bitamlek implies…….
(a)Operating Lease 
(b)Hire purchase 
(c)Investment 
(d)Financial lease

Answer: (d)

9.Ownership of property is not transferred in…………
(a)Operating Lease 
(b)Hire purchase 
(c)Levrag lease 
(d)Financial lease

Answer: (a)

10.Assets acquired in ijara financing is recognized at ……..
(a)Fair value 
(b)Market value 
(c)Historical cost 
(d) Past cost

Answer: (c)

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