Which of the Following Statements Is Not Correct in Relation

question 29

Multiple Choice

Which of the following statements is not correct in relation to joint control?

• A) Joint control can exist without the existence of a contractual arrangement.
• 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 AASB 11/IFRS 11 Joint Arrangements.
• D) Joint control requires the unanimous consent of the parties sharing control.

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Definitions:

Mental Activity

The cognitive process of thinking, reasoning, and processing information.

Decision Making

The act of choosing involves recognizing a choice that needs to be made, assembling necessary information, and weighing up various possible solutions.

Limits to Rationality

The boundaries within which human reasoning and decision-making effectiveness are constrained, often due to a lack of information or cognitive capabilities.

Risk

The possibility of facing harm or loss when engaging in an activity or making a decision.