Which of the Following Statements Is Correct Concerning Reporting Interests

question 50

Multiple Choice

Which of the following statements is correct concerning reporting interests in joint ventures in compliance with the Accounting Standards for Private Enterprises (ASPE) ?

• A) They must be reported using proportionate consolidation.
• B) They must be reported using the equity method.
• C) They must be reported using the cost method.
• D)They must be reported using the same method used for reporting interests in subsidiaries.

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Definitions:

Milliliter

A metric unit of volume equal to one-thousandth of a liter, commonly used to measure liquids.

Thousandth

A unit or measure representing one part in a thousand of something.

Liter

A metric unit of volume equal to 1000 cubic centimeters or approximately 0.26 U.S. gallons.

Root

The section of a plant that is usually found beneath the soil, responsible for absorbing water and nutrients.