When a joint operator is accounting for an interest in joint operation it is required to recognise all of the following in its financial statements:
$\begin{array}{lllll}&I&II&III&IV\
\text { The assets that it controls } & \text { Yes } & \text { Yes } & \text { Yes } & \text { Yes } \
\text { The liabilities that it incurs } & \text { Yes } & \text { Yes } & \text { No } & \text { No } \
\text { Its share of income from the sale of goods by the } & \text { Yes } & \text { No } & \text { Yes } & \text { No }\
\text { joint operation }\
\text { The expenses that it incurs }& \text { Yes }& \text { No }& \text { No }& \text { No }
\end{array}$
A) I;
B) II;
C) III;
D) IV.

Question

Quizplus · Accepted Answer

A joint operator is required to recognise all of the assets that it controls, the liabilities that it incurs, and its share of income from the sale of goods by the joint operation in its financial statements.

When a Joint Operator Is Accounting for an Interest in Joint