Accounting for Special Transactions Quiz

If it is an arrangement of which two or more parties have joint control.

• Joint arrangement

• Joint undertaking

• Joint operation

• Joint venture

It is a contractually agreed sharing of control of an arrangement, which exists only when decision about the relevant activities require the unanimous consent of the parties sharing control.

• Joint control

• Joint undertaking

• Joint operation

• Joint venture

It is a joint arrangement whereby parties that have joint control of the arrangement have rights to the assets and obligation for the liabilities relating to the arrangement.

• Joint control

• Joint undertaking

• Joint operation

• Joint venture

It is a party to a joint operation that has joint control of the joint operation.

• Joint controller

• Joint undertaker

• Joint operator

• Joint venturer

It is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the arrangement.

• Joint control

• Joint undertaking

• Joint operation

• Joint venture

It is a party to a joint venture that has joint control they have joint venture.

• Joint controller

• Joint undertaker

• Joint operator

• Joint venture

It is an entity that participates in a joint arrangement, regardless of whether that entity has joint control of the arrangement.

• Partner

• Party to joint arrangement

• Joint operator

• Joint venture

It is separately identifiable financial structure, including separate legal entities or entities recognized by statute, regardless of whether those entities have legal personality.

• Separate vehicle

• Party to a joint arrangement

• Joint operator

• Joint venture

Which of the following is a characteristic of a joint arrangement?

According to IFRS 11, Joint arrangement what is the method of accounting for investment in joint venture?

• Proportionate consolidation method

• Cost method

• Equity method

• Fair value method