1.20 In the stand alone statements of the venturer, the investments are accounted at______. (1)
A. market value
B. replacement value
C. net realizable value
D. cost
1.21 In a jointly controlled operation, which of the following situations occur? (1)
A. There is joint ownership of assets
B. The investors fund the assets equally
C. The venturers fund the assets equally
D. The venturers own the assets in their entity’s names
1.22 Which of the following methods of accounting are permitted under IAS 31? (1)
A. Proportionate consolidation and full consolidation
B. Proportionate consolidation and equity method
C. Full consolidation and equity method
D. Full consolidation and interest method
The correct answers are:
1.20 D. cost
1.21 A. There is joint ownership of assets
1.22 B. Proportionate consolidation and equity method