MCQs on Islamic Accounting Theory and Practice - 3

 1. AAOIFI stands for…..

(a)Accounting and Auditing organization for Islamic Financial Institutions
(b) Auditing and Accounting organization for Islamic Financial Institutions
(c) Auditing and Accounting organization for Indian Financial Institutions
(d) Accounting and Auditing organization for Indian Financial Institutions

Answer: (a)

2. MASB stands for……
(a)Malaysian Accounting service Board
(b)Malaysian Accounting Standard Board
(c) Malaysian Auditing Service Board
(d)Malaysian Auditing Standard Board

Answer: (b)


3.The major underlying principle of current account is called……..
(a)Mudaraba 
(b)Wakala 
(c)Wadia 
(d)Dhaman

Answer: (c)

4.The Investment accounts are normally based on …………principle.
(a)Musharaka 
(b)Mudaraba 
(c)Wakala 
(d)Wadia

Answer: (b)

5.In Mudaraba, the person who contribute capital to the business is called………
(a)Contributor 
(b)Rabbul maal 
(c)Mudarib 
(d)Client

Answer: (b)

6.Any loss in Mudaraba contract will be normally borne by……….
(a)Contributor 
(b)Rabbul maal 
(c)Mudarib 
(d)Client

Answer: (b)

7.Mudaraba mutlaqa implies……….
(a)Restricted mudaraba 
(b)Unrestricted mudaraba
(c) diminishing musharka 
(d)Agency

Answer: (b)

8.Investor restricts the manner as to where, how and for what purpose the funds
are to be invested is come under………
(a) Restricted mudaraba 
(b)Unrestricted mudaraba
(c) diminishing musharka 
(d)Agency

Answer: (a)

9.Under pooling method, administrative expenses will be borne by ……
(a)Client 
(b) bank
(c) Both bank and client 
(d) Share holders

Answer: (c)

10. Mudaraba capital must be in the form of……….
(a)Cash 
(b) Kind 
(c) Assets 
(d) Both in cash and kind

Answer: (a)

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