10 Questions
According to PFRS11, a joint arrangement is defined as an arrangement in which ___________ have joint control.
two or more parties
What is a characteristic of a joint arrangement?
Parties have joint control
In a joint arrangement, one party cannot make a decision without the __________ of the other parties.
consent
Joint arrangements are similar to __________ in terms of control and decision-making.
partnerships
What is the purpose of a contractual arrangement in a joint arrangement?
To provide joint control
What is the definition of a joint arrangement according to PFRS11?
An arrangement in which two or more parties have joint control.
What are the characteristics of a joint arrangement?
- Parties are bound by a contractual arrangement. 2. The contractual arrangement gives two or more parties joint control.
What is required for a party to make a decision in a joint arrangement?
The unanimous consent of the other parties sharing control.
Give an example of a joint arrangement.
San Jose partnership.
Can one party in a joint arrangement make a decision without the agreement of the other parties?
No, one party cannot make a decision without the concurrence of the other parties.
Test your knowledge on joint arrangements and understand how they work in accounting. Explore the definition and characteristics of joint arrangements, such as partnerships, and learn about the control and responsibilities of each party involved. Join us this Saturday for an insightful discussion on joint arrangements.
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