A Method of Accounting Whereby a Venturer's Share of Each

question 15

Multiple Choice

A method of accounting whereby a venturer's share of each of the assets,liabilities,income and expenses of a jointly controlled entity is combined line by line with similar items in the venturer's financial statements is known as:

• A)proportionate consolidation
• B)equity consolidation
• C)shared consolidation
• D)unilateral consolidation

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Definitions:

Certainty

The state or quality of being free from doubt or reservations; a condition of being sure about something.

Objectivity

The practice of basing judgments and decisions on observable phenomena and uninfluenced by emotions or personal biases.

Risk

Risk refers to the potential for loss or harm when engaging in an activity or making a decision, often quantified in terms of probability and impact.

Land Ownership

The legal right or title to possess and use a specific parcel of land.