A Joint Venture Is Defined in AASB 131 As

question 13

Multiple Choice

A joint venture is defined in AASB 131 as:

• A) An arrangement whereby two or more parties carry on business with a common goal to make a profit and each can commit the joint venture to debts through decisions made unilaterally.
• B) An arrangement whereby two or more venturers establish a common activity in which they jointly and severally take responsibility for liabilities and expenses and obtain the benefits of outputs generated.
• C) A legal entity constituted by venturers pursuing a common goal and sharing control of assets and responsibility for expenses and liabilities.
• D) A contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control.
• E) None of the given answers.

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Definitions:

Rensis Likert

A social psychologist who developed the Likert Scale for measuring attitudes and is known for his research on management styles.

Focal Point

The center of interest or activity; a point that attracts attention or serves as a reference for surrounding elements.

Systems Level

A perspective or approach that considers the broader, interconnected components of a whole rather than focusing on individual parts.

Adequate Funding

Sufficient financial resources provided to fully support or complete a project, program, or initiative without monetary constraints.