MCQs on Islamic Accounting Theory and Practice - 5

1.…………..involve lease over lease period and transfer of ownership at the end of the contract.
(a) Ijara Muntahia Bitamlek 
(b)Ijara Thumma al buy
(c) operating lease 
(d)Hire purchase

Answer: (a)

2.Al Ijara Thumma al Bay means……..
(a)Hire purchase 
(b) Operating Lease
(c) operating lease 
(d)Financial lease

Answer: (a)

3.AAOIFI registered in the state of ………
(a)Malaysia 
(b)Saudi Arabia 
(c)Bahrain 
(d)Egypt

Answer: (c)

4.………..accounting system requires cash to be paid or received for the recording to take place.
(a)Accrual basis 
(b)Cash basis 
(c)Cost basis 
(d)Value basis

Answer: (b)

5.……….accounting is based on the concept that every transaction affects and is recorded in at least two accounts on an organization’s books.
(a)Single entry 
(b)Double entry 
(c)Multiple entry 
(d)Simple entry

Answer: (b)

6.Islam literally means………
(a)Path 
(b)Promote 
(c)Peace 
(d)Goodness

Answer: (c)

7.………….deals with where the financial statements are prepared on the assumption that the business will continue for foreseeable future.
(a)Money measurement 
(b) Going concern
(c) Accounting entity 
(d) Cost principle

Answer: (b)

8.’To develop accounting and auditing thoughts relevant to Islamic financial institution’ is the basic objective of…….
(a)IAB 
(b)ISDB 
(c)MASB 
(d)AAOIFI

Answer: (d)

9.Restricted investment is one in which the investment avenues are decided by……..
(a)Investor 
(b)Bank
(c)Both investor and bank 
(d) Government

Answer: (a)

10. AAOIFI came into existence in the year……
(a) 1990 
(b) 1980 
(c) 1985 
(d) 1996

Answer: (a)
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