A Venturer That Recognises in Its Financial Statements the Assets

question 29

Multiple Choice

A venturer that recognises in its financial statements the assets that it controls,the liabilities it incurs,the expenses that it incurs,and its share of the income that it earns from the sale of goods or services by the joint venture is prescribed by AASB 131 for which type(s) of joint venture(s) ?

• A) Jointly controlled entities;
• B) Jointly controlled assets;
• C) Jointly controlled operations
• D) Jointly controlled assets and jointly controlled operations.
• E) Jointly controlled entities and jointly controlled assets;

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Definitions:

Grant

A financial award given by an organization, often governmental, to an individual, group, or institution typically for research, projects, or service initiatives.

Motion

A procedural request or application presented by an attorney to the court on behalf of a client.

Default Judgment

A legal judgment in favor of the plaintiff when the defendant fails to respond or appear in court.

Summons

An official notice or order issued by a court requiring a person to appear in court in connection to a legal proceeding.