The Following Modes

question 44

Multiple Choice

The following modes. of transactions were prevailing during the Prophet's lifetime:

• A) shirkah partnership. based on profit and loss sharing PLS.
• B) al qard al hasan benevolent loan.
• C) salam forward. contract
• D) all of the above

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Definitions:

Inventory System

A method for keeping track of the quantity, location, and status of goods a company has in stock.

Revenue Recorded

The process of documenting income earned by a business during a specific period, usually upon the delivery of goods or services.

Cost Flow Assumption

The method used to allocate costs to inventory and cost of goods sold, such as FIFO, LIFO, or weighted average.

Weighted Average

A calculation that takes into account the varying degrees of importance of the numbers in a data set, providing a measure of central tendency.