Using the definition of assets, liability, and equity, explain in your words the logic of the accounting
Question:
Using the definition of assets, liability, and equity, explain in your words the logic of the accounting entries under AAOIFI for a simple murabaha transaction with deposit but without early redemption, from beginning to end.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 50% (2 reviews)
Accounting entries under the Accounting and Auditing Organization for Islamic Financial Institutions AAOIFI are quite different from traditional syste...View the full answer
Answered By
JAPHETH KOGEI
Hi there. I'm here to assist you to score the highest marks on your assignments and homework. My areas of specialisation are:
Auditing, Financial Accounting, Macroeconomics, Monetary-economics, Business-administration, Advanced-accounting, Corporate Finance, Professional-accounting-ethics, Corporate governance, Financial-risk-analysis, Financial-budgeting, Corporate-social-responsibility, Statistics, Business management, logic, Critical thinking,
So, I look forward to helping you solve your academic problem.
I enjoy teaching and tutoring university and high school students. During my free time, I also read books on motivation, leadership, comedy, emotional intelligence, critical thinking, nature, human nature, innovation, persuasion, performance, negotiations, goals, power, time management, wealth, debates, sales, and finance. Additionally, I am a panellist on an FM radio program on Sunday mornings where we discuss current affairs.
I travel three times a year either to the USA, Europe and around Africa.
As a university student in the USA, I enjoyed interacting with people from different cultures and ethnic groups. Together with friends, we travelled widely in the USA and in Europe (UK, France, Denmark, Germany, Turkey, etc).
So, I look forward to tutoring you. I believe that it will be exciting to meet them.
3.00+
2+ Reviews
10+ Question Solved
Related Book For
Principles Of Islamic Accounting
ISBN: 9781119023296
1st Edition
Authors: Nabil Baydoun, Maliah Sulaiman, Roger J. Willett, Shahul Ibrahim
Question Posted:
Students also viewed these Business questions
-
The amount of income taxes that is due to the government for a period of time is rarely the same as the amount of income tax expense that is reported on the income statement for that same period...
-
Managing Scope Changes Case Study Scope changes on a project can occur regardless of how well the project is planned or executed. Scope changes can be the result of something that was omitted during...
-
Read the case study "Southwest Airlines," found in Part 2 of your textbook. Review the "Guide to Case Analysis" found on pp. CA1 - CA11 of your textbook. (This guide follows the last case in the...
-
The following are comparative financial statements of the Cohen Company for 2006, 2007, and 2008: Additional information: Credit sales were 65% of net sales in 2007 and 60% in 2008. At the beginning...
-
Combining Standing Waves. A guitar string of length L is plucked in such a way that the total wave produced is the sum of the fundamental and the second harmonic. That is, the standing wave is given...
-
Find the absolute extrema of the function on the closed interval. g(x) = 6x 2 /x 2, [2, 1]
-
Use the comparative statements from Application Problem 17-1 to complete this problem. Instructions: 1. Based on CyberOptic's comparative financial statements prepared in Application Problem 17-1 and...
-
Aguilera Acoustics, Inc. (AAI) projects unit sales for a new seven-octave voice emulation implant as follows: Year Unit Sales 1 ..................... 88,000 2 ..................... 96,000 3...
-
Your firm is considering a project that will cost $ 4 . 5 0 9 million up front, generate cash flows of $ 3 . 4 9 million per year for 3 years , and then have a cleanup and shutdown cost of $ 6 . 0 3...
-
Wan Rosli places a tawarruq deposit with Maybank Islamic for a period of 8 years. The murabaha selling price of $10,000 to the bank is based on a return of 5% per annum compounded. Using the PV of $1...
-
Looking at the illustration in this chapter, discuss which accounting standard (IFRS or AAOIFI) is more beneficial to the customer if he wants to redeem his murabaha financing in the 5th year of an...
-
Central University completed construction of its newest administrative building at the end of 2017. The University's first employees moved into the building on January 1, 2018. The building consists...
-
4. A 50 mm diameter standard solid shaft must be replaced by a specially manufactured hollow shaft of the same material with a diameter ratio of 1,5 to 1 Determine diameters for the hollow shaft and...
-
Walter Brennon was originally a client of Anthony Blanton, Mr. Blanton has recently passed the Maryland bar and was sworn in by the Maryland Court of Appeals. He is currently working at another law...
-
Group Integrative Problem 2 FINA 5260: Principles of Finance Bank Interview Exam Assume that you are nearing graduation and that you have applied for a job at a local bank. As part of the banks...
-
Ms. Welton attended a union organization meeting on July 5. At a hearing before an administrative law judge, she testified that the day after the meeting, her supervisor asked whether she or anyone...
-
Assuming there no problem as to the ability of any of the employees, the company requests that you assign these functions to the three employees to achieve the highest degree of internal control....
-
For the year ended December 31, 2013, Lopez Company has implemented an employee bonus program equal to 3% of Lopezs net income, which employees will share equally. Lopezs net income (prebonus) is...
-
A woman at a point A on the shore of a circular lake with radius 2 mi wants to arrive at the point C diametrically opposite on the other side of the lake in the shortest possible A time. She can walk...
-
How can a marketing manager change a firms F.O.B. terms to make an otherwise competitive marketing mix more attractive?
-
What type of geographic pricing policy is most appropriate for the following products (specify any assumptions necessary to obtain a definite answer): ( a ) a chemical by-product, ( b ) nationally...
-
How would a ban on freight absorption (that is, requiring F.O.B. factory pricing) affect a producer with substantial economies of scale in production?
-
Sylvia Tribi was hired away from a "Big Four'' public accounting firm to start a new internal audit function for Lionel Tri Company, a newly acquired subsidiary of a large organization. Sylvia's...
-
The cost method of accounting for stock a. recognizes dividends as income b. is only appropriate as part of a consolidation c. requires the investment to be increased by the reported net income of...
-
Economic Analysis is a tool which may be used to select among project alternatives. Various Economic Indicators are created. 1. Define Benefit/Cost analysis. 2. What are some of the benefits to using...
Study smarter with the SolutionInn App