Basic for Islamic Accounting

All of the following on Accounting for Islamic Finance is False EXCEPT

• Initial Measurement and Recognition of transactions.

• Accounting that is NOT contradict to Islamic Law

• True and Full Disclosure

• Accounting according to AAOIFI standards.

Which of the Following is Incorrect About Wealth Subjected to zakat

• gold and silver

• agricultural produce

• livestock

• livefb

The rate of zakat on business, as determined by National Fatwa Council, is ..... ?

• 0.025%

• 0.25%

• 2.5%

• 25%

Zakat on Shares Must be Owned for at Least 1 Year (Haul/Time-Frame)

• True

• False

Three parties : Capital Provider, Intermediate Mudharib (Entrepreneur) and Final Mudharib (Entrepreneur)

• RE-MUDHARABAH

• BILATERAL MUDHARABAH

• SIMPLE MUDHARABAH

• MULTILATERAL MUDHARABAH

________________ is Where an Islamic Bank Enters Into a Partnership with Entrepreneur(s) to Invest in a Feasible Business Project. If There is a Profit, it Will Then be Shared Based on Pre-Agreed Ratio, and if There is a Loss, it Will Then be Shared According to Capital Contribution Ratio

• Mutawasitah

• Musyarakah

• Mudharabah

• Mesyuarat

• Mubalaghah

Rabb-ul-Maal

• Investment is the Sole Responsibility of Investor

• All the Partners Share the Loss to the Extent of the Ratio of their Investment

• Capital Investor

• Capital Provider

Ijarah Would be Best Describe as_________

• To Give Something On Rent.

• Wages Paid to a Person in Consideration of the Services Rendered by Him.

• Sale of Goods/Contract on a Deferred Payment Basis at a Price, Which Includes a Profit Margin Agreed Upon by Both Parties.

• A Process by Which the “Usufruct of a Particular Property is Transferred to Another Person in Exchange for a Rent Claimed From Him/Her.

Define Bai Bithaman Ajil.

• Is a Sale of Goods at Cost.

• Is a Sale of Goods at Cost Plus Mark Up.

• Is a Sale of Goods at Cost Plus Profit.

• Is a Sale of Goods at Deferred Payment.

Ethics in Islamic Accounting Concept ?

• Accounting Ethics

• Auditing Ethics

• Reporting Ethics

• Creative Accounting

• Ethics According to Islamic Law