When a Joint Operator Is Accounting for an Interest in Joint

question 23

Multiple Choice

When a joint operator is accounting for an interest in joint operation it is required to recognise which of the following in its financial statements? $\begin{array}{c}\begin{array}{lll}\\ \text { I.The assets that it controls}\\\text { II. The liabilities that it incurs}\\\text { III.Its share of income from the sale of goods }\\\text { by the joint operation}\\\text { IV. The expenses that it incurs}\end{array}\begin{array}{l}\text { I }\\\text { Yes}\\\text { Yes}\\\text { Yes}\\\\\text { Yes}\end{array}\begin{array}{l}\text { II }\\\text { Yes }\\\text {Yes}\\\text {No}\\\\\text {No}\end{array}\begin{array}{l}\text { III} \\\text { Yes } \\\text { No } \\\text { Yes }\\\\\text {No} \end{array}\begin{array}{l}\text { IV } \\\text { Ye } \\\text { No } \\\text { No } \\\\\text { No } \end{array}\end{array}$

• A) I
• B) II
• C) III
• D) IV

---

Definitions:

Retrofitting

The process of adding new technology or features to an existing system, machine, or building to improve its functionality or performance.

R-12

Theoretically illegal but still available refrigerant. GWP rating is 10,900.

Vacuum Pump

A device that removes gas molecules from a sealed volume in order to create a partial vacuum.

Refrigerant Container

A special container designed to hold refrigerant, a substance used in air conditioning systems to absorb and release heat, under pressure.