Which of the Following Is Not One of the Three

question 26

Multiple Choice

Which of the following is not one of the three elements of control according to AASB 10 Consolidated Financial Statements?

• A)The ability to use power over the investee to affect the amount of the investor's returns.
• B)Dominating the decision making of the investee.
• C)Power over the investee.
• D)Exposure,or rights,to variable returns from involvement with the investee.

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Definitions:

Unconscionable

In contract law, a contract that is grossly unfair or one-sided; one that “shocks the conscience of the court.”

Acceptance

In contract law, the act of agreeing to an offer, thereby creating a binding contract.

Quasi-contract

An obligation imposed by law in the absence of an agreement to prevent unjust enrichment.

Freedom of Contract

The principle that individuals have the liberty to freely enter into agreements and contracts without undue government interference.