alleryStart learning →A jointly controlled operation uses what, not a new entity?
APooled bank accounts
BNew share capital issue
CGovernment grant funds
DVenturers' own assets
Answer & Solution
Correct answer: D. Venturers' own assets
In jointly controlled operations each venturer uses its own fixed assets and inventories, with no separate corporation or financial structure.
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Related questions
For jointly controlled entities, a venturer must disclose which item?How are joint venture capital commitments disclosed?AS 27 disclosure of contingent liabilities is not needed when the probability of loss is wFor which statements is AS 27 mandatory in respect of an enterprise?How does the joint venture itself account for the operator's management fee?Fees earned by an operator of a joint venture are accounted for under which standard?Which standard is used to test impairment in venturer and venture transactions?A loss on purchase from a venture is booked at once when it shows what?