According to AASB 131,for a Jointly Controlled Operation

question 2

Multiple Choice

According to AASB 131,for a jointly controlled operation:

• A) each venturer uses its own property, plant and equipment, and carries its own inventory, and incurs its own expenses. However liabilities are incurred in, and finance is raised in, the name of the joint venture, as these represent the joint venture's obligations.
• B) each venturer uses its own property, plant and equipment, and carries its own inventory. However, the joint venture incurs the expenses. Also, liabilities are incurred in, and finance is raised in, the name of the joint venture, as these represent the joint venture's obligations.
• C) each venturer uses its own property, plant and equipment. However, inventory is carried by the joint venture, which also incurs the expenses. Furthermore, liabilities are incurred in, and finance is raised in, the name of the joint venture, as these represent the joint venture's obligations.
• D) each venturer uses its own property, plant and equipment, and carries its own inventory. It also incurs its own expenses and liabilities, and raises its own finance, which represent its own obligations.
• E) all assets are held, liabilities and expenses incurred, and finance raisings done in, the name of the joint venture.

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Definitions:

Penicillin

A group of antibiotics derived from Penicillium fungi, used to treat bacterial infections by inhibiting cell wall synthesis.

Allergic Reaction

An immune system response to a foreign substance (allergen) that is not typically harmful to the body, which can range from mild symptoms to severe anaphylaxis.

Physician's Order

Instructions written by a doctor regarding the treatment, medication, or procedure to be administered to a patient.