Multiple Choice 1. Which statement about joint arrangement is correct? a. There is only one party that can control the joint arrangement. b. The percentage of ownership of each party in joint arrangement is equally. c. All parties have joint control in joint arrangement. d. Every party has different right and obligation to the joint arrangement. 2. Under IFRS 11 or PSAK 66, there are two types of joint arrangement. a. Joint operation and joint assets b. Joint assets and joint venture c. Joint venture and joint control d. Joint operation and joint venture 3.The difference between the two types of joint arrangement is determined by: a. The percentage of ownership of each party in joint arrangement. b. Right and obligation of the parties to the joint arrangement c. Legal form of the joint arrangement d. Intention of the joint arrangement management 4. Which one is the most appropriate accounting for each party at each type of joint arrangement a. Equity method for each party of joint venture b. Equity method for each party of joint operation c. Identifiable asset, liabilities, revenues, and expenses for each party of joint assets d. Identifiable asset, liabilities, revenues, and expenses for each party of joint venture
Multiple Choice 1. Which statement about joint arrangement is correct? a. There is only one party that can control the joint arrangement. b. The percentage of ownership of each party in joint arrangement is equally. c. All parties have joint control in joint arrangement. d. Every party has different right and obligation to the joint arrangement. 2. Under IFRS 11 or PSAK 66, there are two types of joint arrangement. a. Joint operation and joint assets b. Joint assets and joint venture c. Joint venture and joint control d. Joint operation and joint venture 3.The difference between the two types of joint arrangement is determined by: a. The percentage of ownership of each party in joint arrangement. b. Right and obligation of the parties to the joint arrangement c. Legal form of the joint arrangement d. Intention of the joint arrangement management 4. Which one is the most appropriate accounting for each party at each type of joint arrangement a. Equity method for each party of joint venture b. Equity method for each party of joint operation c. Identifiable asset, liabilities, revenues, and expenses for each party of joint assets d. Identifiable asset, liabilities, revenues, and expenses for each party of joint venture
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Multiple Choice
1. Which statement about joint arrangement is correct?
a. There is only one party that can control the joint arrangement.
b. The percentage of ownership of each party in joint arrangement is equally.
c. All parties have joint control in joint arrangement.
d. Every party has different right and obligation to the joint arrangement.
2. Under IFRS 11 or PSAK 66, there are two types of joint arrangement.
a. Joint operation and joint assets
b. Joint assets and joint venture
c. Joint venture and joint control
d. Joint operation and joint venture
3.The difference between the two types of joint arrangement is determined by:
a. The percentage of ownership of each party in joint arrangement.
b. Right and obligation of the parties to the joint arrangement
c. Legal form of the joint arrangement
d. Intention of the joint arrangement management
4. Which one is the most appropriate accounting for each party at each type of joint arrangement?
a. Equity method for each party of joint venture
b. Equity method for each party of joint operation
c. Identifiable asset, liabilities, revenues, and expenses for each party of joint assets
d. Identifiable asset, liabilities, revenues, and expenses for each party of joint venture
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