alleryStart learning →Which is the standard's example of a jointly controlled operation?
AA firm buying shares in a company
BTwo firms sharing an oil pipeline
CTwo firms jointly making an aircraft
DA firm lending money to a partner
Answer & Solution
Correct answer: C. Two firms jointly making an aircraft
Venturers each carry out different parts of manufacturing and share sales revenue, while each bears its own costs, which marks a jointly controlled operation.
Keep practising AS 27 Financial Reporting of Interests in Joint Ventures
Browse all AS 27 Financial Reporting of Interests in Joint Ventures questions for CA Inter, or explore more Accounting topics.
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?