A contractual agreement where two or more parties undertake an economic activity that is subject to joint control iscalled__________. Select one: a. controlled Operations b. joint control c. control d. joint venture
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A contractual agreement where two or more parties undertake an economic activity that is subject to joint control iscalled__________.
Select one:
a.
controlled Operations
b.
joint control
c.
control
d.
joint venture
Step by step
Solved in 2 steps
- This is a type of arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement Joint operationJoint ventureJoint entryJoint undertakingA joint arrangement in which the assets and liabilities relating to the arrangement are held in a separate vehicle can be: a. Either joint venture or joint operation b. Joint venture c. Neither joint venture nor joint operation d. Joint operationWhich of the following statements about joint arrangements is/are incorrect: (i) Whenever a joint arrangement is structured through a vehicle that is separate from the parties, the arrangement is classified as a joint venture (ii) Whenever the contractual arrangements give the parties rights to the assets and obligations for the liabilities of the arrangement, the arrangement is classified as a joint operation (iii) Joint operations are reported in the consolidated statement of financial position of the joint operator by recognising the share of assets and liabilities attributable to the joint operator (iv) Joint ventures are reported in the consolidated statement of financial position of the joint venturer using the equity method of accounting a. (i) only b. (ii) only c. (iii) only d. (iv) only e. (i) and (ii)
- Multiple Choice Questions Which of the following statements is correct? All joint arrangements which are not structured through a separate vehicle are classified as joint ventures. For a joint venture, the rights pertain to the rights and obligations associated with individual assets and liabilities, whereas with a joint operation, the rights and obligations pertain to the net assets. Where the joint operators have designed the joint arrangement so that its activities primarily aim to provide the parties with an output it will be classified as a joint venture. In considering the legal form of the separate vehicle if the legal form establishes rights to individual assets and obligations, the arrangement is a joint operation. If the legal form establishes rights to the net assets of the arrangement, then the arrangement is a joint venture. A 50:50 joint operation was commenced between two participants. Mary Company contributed cash of $90 000, and Strickland Company contributed…In a joint arrangement, which of the following establishes joint control by the parties? a. mutual sharing of control b. ownership interest of more than 20% c. contractual arrangement d. stock certificateIn a joint venture, the partners donot act in common or act as an agent to one another . What does this mean . Give examples.
- Which of the following statements is not true in relation to joint control? A. Each party must have an equal interest for joint control to exist B. Joint control exists only where there is contractually agreed sharing of control C. Entities over which a party has joint control are accounted for in accordance with PFRS 11 Joint Arrangement D. Joint control requires the unanimous consent of the parties sharing controlIn the context of the various forms of business ownership, discuss the two basic types of partnerships.Which of the following statement is correct? (PLEASE PROVIDE EXPLANATION) A) All joint arrangements are accounted for under IAS 28. B) Joint arrangements classified as joint ventures are accounted for under IFRS 10. C) Joint arrangements classified as joint ventures are accounted for under IAS 28. D) Joint arrangements classified as joint operations are accounted for under IAS 28. E) None of the above.