Under AAOIFI, if an Islamic bank recovers receivables through pledged securities and the recovered amount exceeds the

Question:

Under AAOIFI, if an Islamic bank recovers receivables through pledged securities and the recovered amount exceeds the outstanding amount, the bank will:

a. Debit cash, Credit accounts receivable, and Credit pledged securities

b. Debit cash and Credit Salam

c. Debit cash, Credit accounts receivable, and Credit accounts payable

d. Debit cash and accounts receivable and Credit Salam

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Financial Reporting For Islamic Financial Institutions Accounting Standards Interpretation And Application

ISBN: 9781032464022

1st Edition

Authors: Abdul Rauf Mahar, Ayesha Bhatti, Muhammad Junaid Ashraf, Asfand Zubair Malik

See More Books

Question Posted: Mar 11, 2024 03:33 AM

See More Questions

The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
1.Which of the following below is NOT an element of internal control? a. risk assesment b. monitoring c. information and communication d. behavior analysis ANSWER:D 2. Which of the following below is...
The Islamic finance system provides unique advantages that are often absent in the traditional financial system. For example, under the Islamic system, profit-sharing directs investible money to...
What does this code print (unless it produces an error)? = plane "A passengers" plane [2] = "m" print (plane)
Jake is a 27-year-old single man with no children. He has a younger sister who has a developmental disability. Both his parents are living, though neither parent is in good health. Jake has an auto...
Which of the following is most likely to be an example of a natural, executable workload model? a. A kernel program b. An instruction mix c. A benchmark d. A synthetic job
Does the organization conduct market research, and is this research effective?
Elite Realty acts as an agent in buying, selling, renting, and managing real estate. The unadjusted trial balance on March 31, 2016, follows: The following business transactions were completed by...
A new client indicates they are self-employed, are paid by one company but claim to work as a contractor. Services are provided from the clients home office and the client wants to claim the benefits...
Price risk of Al-Muslam Fihi refers to a scenario where: a. The client will be unable to deliver the commodity as promised in the contract. b. The carrying value of the commodity exceeds the book...
Which of the following is not a method for disposing Salam inventory? a. Selling in the open market b. Entering into a Parallel Salam contract c. Entering into a traditional forward contract to sell...
Using the retail data available in the resources for this chapter, examine the following research questions: (1) Verizon consumers have a more favorable attitude than do AT&T consumers. (2) Are...
Idenfity whether the following book - tax adjustments are permanent or temporary differences. ( a ) Federal Income Tax Expense ( b ) Depreciation Expense ( c ) Accrued Compensation ( d ) Dividends...
2 . ) Pozycki, LLC has reported losses of $ 1 0 0 , 0 0 0 per year since its founding in 2 0 1 6 . For 2 0 2 3 , Pozycki anticipates a profit of about $ 1 0 0 , 0 0 0 . There are 3 equal members of...
Elena is a single taxpayer for tax year 2023. On April 1st, 2022, Elena's husband Nathan died. On July 13, 2023, Elena sold the residence that Elena and Nathan had each owed and used as their...
Rodriguez Corporation issues 12,000 shares of its common stock for $56,600 cash on February 20. Prepare journal entries to record this event under each of the following separate situations. 1. The...
Problem 3: A large rectangular plate is loaded in such a way as to generate the unperturbed (i.e. far-field) stress field xx = Cy; yy = -C x; Oxy = 0 The plate contains a small traction-free circular...
What motivates firms to engage in CSR practices?
If a and b are positive numbers, find the maximum value of f ( x ) = x a (9 x ) b on the interval 0 x 9.
JCPenney operates a chain of retail department stores, selling apparel, shoes, jewelry, and home furnishings. It also offers most of its products through catalog distribution. During fiscal Year 5,...
Selected financial data for Georgia-Pacific Corporation, a forest products and paper firm, appear in Exhibit 4.28. REQUIRED a. In which years did financial leverage work to the advantage of the...
Selected data for The Hershey Company for Year 1 through Year 3 appear in Exhibit 4.29. REQUIRED a. Compute ROA and its decomposition for Year 2 and Year 3. Assume a tax rate of 35%.b. Compute ROCE...
What are the major characteristics of plant assets? Choose one category of PP&E (land, land improvements, buildings or equipment) and describe the costs that may be capitalized with this asset.
An estimated 84 percent of enterprises now use cloud computing solutions involving multiple clouds, whereas less than 10 percent of large organizations employ just a single public cloud. Group of...
XYZ inc. was involved in a tax dispute with the national tax authority. The companys legal counsel estimates that there is a 75% likelihood that the company will lose the dispute and that the amount...

Under AAOIFI, if an Islamic bank recovers receivables through pledged securities and the recovered amount exceeds the

Question:

Step by Step Answer:

Financial Reporting For Islamic Financial Institutions Accounting Standards Interpretation And Application

Students also viewed these Business questions