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When a Joint Operator Is Accounting for an Interest in Joint

question 20

Multiple Choice

When a joint operator is accounting for an interest in joint operation it is required to recognise all of the following in its financial statements:
IIIIIIIV The assets that it controls  Yes  Yes  Yes  Yes  The liabilities that it incurs  Yes  Yes  No  No  Its share of income from the sale of goods by the  Yes  No  Yes  No  joint operation  The expenses that it incurs  Yes  No  No  No \begin{array}{lllll}&I&II&III&IV\\\text { The assets that it controls } & \text { Yes } & \text { Yes } & \text { Yes } & \text { Yes } \\\text { The liabilities that it incurs } & \text { Yes } & \text { Yes } & \text { No } & \text { No } \\\text { Its share of income from the sale of goods by the } & \text { Yes } & \text { No } & \text { Yes } & \text { No }\\\text { joint operation }\\\text { The expenses that it incurs }& \text { Yes }& \text { No }& \text { No }& \text { No }\end{array}

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