Accounting for Ijarah Financing Quiz

What is the definition of Operating Ijarah?

• Ownership of the right to benefits in return for consideration

• Payment of the lease

• Transfer of title to lessee

• Ownership transferred to lessee

Which organization defines Ijarah as ownership of the right to benefits in return for consideration?

• Muajir

• AAOIFI

• Mustakjir

• Sighah

What are the pillars of Ijarah?

• Transfer ownership methods, Modus Operandi

• Manfaah, Ujrah, Makjur

• Amortization, Depreciation, Token price

• Muajir, Mustakjir, Sighah

What is the Modus Operandi of AITAB/AIMAT?

• Transfer of ownership through purchase contract or hibah

• Promise to make an agreement

• Buy and pay 90% of the asset on lump sum basis

• Pay in deferred payments

What is the transfer ownership method by gift in Ijarah Muntahia Bitamleek?

• Dr. Cash account, Cr. Ijarah Asset account

• Dr. Profit and Loss account, Cr. Accumulated Depreciation Account

• Dr. Cash account, Cr. Profit and Loss account

• Dr. Profit and Loss account, Cr. Ijarah Asset account

What is the mode of Ijarah financing especially for automobile financing?

• AITAB

• AIMAT

• Muajir

• Mustakjir

What costs will be borne by the lessee in AITAB?

• Legal Fee

• Depreciation

• Repair cost of Ijarah Asset

• Takaful to protect the asset and road tax expenses

What is the journal entry for the recognition of AITAB Financing at the beginning of Ijarah?

• Dr. Non Current Asset, Cr. Cash

• Dr. Initial Ijarah Direct expenses acc, Cr. Cash

• Dr. AITAB Financing Account, Cr. Cash, Unearned income account

• Dr. Ijarah Muntahia Bitamleek Asset, Cr. Non-Current Asset

What is the net income for AIMAT in the year 2010?

• 270,000

• 230,000

• 240,000

• 220,000

What is the net income for AITAB in the year 2009?

• 270,000

• 230,000

• 240,000

• 220,000