3674618
Beschreibung
Quiz von simon_pisano, aktualisiert more than 1 year ago
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Erstellt von simon_pisano
vor etwa 9 Jahre
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Frage 1
Frage
It arises where two or more entities have an arrangement between each other such that these entities have joint control over the arrangement
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Joint Arrangement
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Joint Operation
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Joint Venture
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Joint Account
Frage 2
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The characteristics of a joint arrangement includes the following, except:
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The parties are bound by a contractual arrangement
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The contractual arrangement gives two or more parties joint control over the arrangement
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There is a unanimous consent of the parties over the arrangement
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There should be 50% interest over the corporate arrangement.
Frage 3
Frage
Joint control exists when there are the following items, except
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There exists a contractually agreed sharing of control
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There must be a unanimous consent of the parties
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There is no single party that has control over the arrangement
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The party that holds the substantial portion over the company must have a sole control over the arrangement.
Frage 4
Frage
A Corporation and B Corporation made an arrangement. A has a 50% interest over the entity. B has a share of 50%. The contract requires that 70 percent of the entity's interest must agree before making a decision over a particular activity. The contract is:
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Partnership
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Incorporation
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Joint Arrangement
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Sales
Frage 5
Frage
A, B and C made an entity with agreed sharing in the entity's interest: 50%,20% and 30%. They agreed that a company can make a decision if at least 50% of the interest had been exercised. The contract has:
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a joint control
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no joint control
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joint management
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absolute control of party - C
Frage 6
Frage
A, B, C and D had decided to make an arrangement. The parties require that there may be unanimous vote for all the activities they are going to take. The contract has:
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Joint Control
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Significant Influence
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Absolute Control of one party
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Financial Interest only but no control
Frage 7
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The accounting method for joint venture is:
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Cost Method
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Fair Value through profit or loss
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Equity Method
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Fair Value through Other Comprehensive Income
Frage 8
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An example of a credit to Investment in Joint Venture account.
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Initial Investment
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Share in Net Income
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Dividend Received
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Change in accounting estimate
Frage 9
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An example of debit to Investment in Joint Venture account.
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Share in Net Loss
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Share in Other Comprehensive Loss
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Dividend Received
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Initial Investment
Frage 10
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Recording the share of net income from a joint venture will result to:
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Decrease in Investment in Joint Venture account
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Increase in Investment in Joint Venture account
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No effect in Investment in Joint Venture account
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Decrease in total equity
Frage 11
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A joint arrangement may be:
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A Corporation
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A Partnership
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A Financial Structure
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All of the choices are correct
Frage 12
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If the joint arrangement has no separate vehicle. The arrangement is a:
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Joint Venture
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Joint Operation
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Corporation
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Partnership
Frage 13
Frage
A Joint Arrangement that has a separate vehicle is a:
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Joint Management
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Joint Account
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Joint Operation
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Joint Venture
Frage 14
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Which of the following statement is false:
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Under the Equity Method, a share in net income will result to an increase in the Investment account.
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Under Equity Method, initial investment to a joint venture will result to an increase in the Investment account.
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Under Equity Method, dividend received from a joint venture will result to a decrease in the Investment account.
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Under Equity Method, dividend received from a joint venture will result to an increase in the Investment account.
Frage 15
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Dividend received from a joint venture shall be treated in the Investor's books as
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A Dividend Income
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Expense
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Return of Investment
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Other Comprehensive Income
Frage 16
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The method of accounting for joint operation
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the Equity Method
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Fair Value Method
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Cost Method
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The joint operator shall record his separate assets, liabilities, revenue and expenses in his separate books.
Frage 17
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When the contractual arrangement establishes the allocation of revenues and expenses on the basis of the relative performance of each party to the joint arrangement. The arrangement is a:
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Joint Venture
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Joint Operation
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Joint Account
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none of the choices
Frage 18
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When the contractual arrangement establishes that the parties to the joint arrangement are liable to the arrangement only to the extent of their respective investments. The arrangement is a:
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Joint Venture
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Joint Operation
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Joint Account
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Joint Management
Frage 19
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The accounting for joint operation includes the following, except:
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The joint operator must recognize the assets it controls in the arrangement
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The joint operator must recognize the liabilities it incurs in the arrangement
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The joint operator must recognize the share of revenue over the operation and the expenses that he incur
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The joint operator must only recognize his share in the net assets over the arrangement
Frage 20
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Which of the following statement is false:
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In a joint arrangement, the control may be joint but profit sharing is not necessarily equal
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A party that participates in, but does not have joint control nor a significant influence, a joint venture shall account for its interest in the arrangement in accordance with PAS 39/PFRS 9 Financial Instruments
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A joint venture accounting uses consolidation method in the financial statement preparation
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A cash settlement may also be represented by the joint operator's account balance after recording investments, withdrawals and share in joint operation profit.
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