Which of the Following Statements Is Incorrect

question 20

Multiple Choice

Which of the following statements is incorrect?

• A) Accounting records do not need to be prepared for the joint operation itself.
• B) Accounting for a joint venture is the same as that of a joint operation.
• C) AASB 11/IFRS 11 Joint Arrangements do not provide standards on accounting for the joint operation itself.
• D) The statement of financial position is the joint operation's main financial statement.