Which of the Following Statements Is Correct

question 23

Multiple Choice

Which of the following statements is correct?

• A)one of th e distinguishing factors for a jointly controlled entity is that the assets are owned or controlled jointly by the venturers
• B)there are no statutory,professional of other requirements for a joint venture comprising jointly controlled assets to prepare separate financial statements
• C)there are several statutory,professional of other requirements for a joint venture comprising jointly controlled assets to prepare separate financial statements
• D)none of the above

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Definitions:

Authority

The legal right or power to make decisions, give orders, or act on behalf of another person or entity.

Liable

Being legally responsible for an action or outcome; subject to legal obligation or liability.

Negligently

Acting with a lack of proper care or attention that a reasonable person would use in similar circumstances, often leading to harm or damages.

Respondeat Superior

A legal doctrine that holds an employer or principal legally responsible for the wrongful acts of an employee or agent, when such acts occur within the scope of their employment or agency.