The contractually agreed snaring of control of an arrangement wnich exists only when decisions oDout the relevant octivities require the unanimous consent of the porties sharing control is referred to as: Select one: o. joint control. b. unanimouI control. C. shared control. d. contractual control.
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- Which of the following statements is not true in relation to joint control? A. Each party must have an equal interest for joint control to exist B. Joint control exists only where there is contractually agreed sharing of control C. Entities over which a party has joint control are accounted for in accordance with PFRS 11 Joint Arrangement D. Joint control requires the unanimous consent of the parties sharing controlAn "associate" is defined under PAS 28 as Choices A thing in charge of one or more things. B subject that the investor has substantial control over. C joint agreement in which the parties that share control of the agreement have rights to the agreement's net assets. D an object under the command of another object.A contractual agreement where two or more parties undertake an economic activity that is subject to joint control iscalled__________.Select one:a.controlled Operationsb.joint controlc.controld.joint venture
- as that evant activitic trol of the arrangemer angement might include clauses on arbitration. These provisions may allow for bsence of unanimous consent among the parties that The existence of such provisions does not prevent the from being jointly controlled and, consequently, from being de the scope of IFRS 11, an entity accounts ccordance with relevant IFRSS, such or IFRS 9. ment. CHAPTER 6: JO0INT ARRANGEMENTS 16. Berlin and Rio are participants in a joint arrangement for the purchase through bidding and sales of surplus auto parts from La Casa. The winning bid price of P400,000 was paid equally by Berlin and Rio, constituting their investments in joint arrangement. They agreed that each record his own purchases, sales, and expenses in his own books and share profit and losses equally. After seven months, the arrangement was terminated, and the following data is available: Berlin Joint arrangement account Expenses paid Inventory taken Rio Company Company 175,000 15,000 18,000…As a general rule, one of the elements needed to make an agreement binding is consideration. True False An approach to consideration is the following: Consideration is a benefit received by the promisor or a detriment incurred by the promise. This is known as: A. Bargained-for exchange B. Goodwill C. Benefit/detriment D. Promissory estoppelWhich of the following is not a condition in identifying the contract with the customer as per IFRS 15? The entity and the customer have approved the contract and are committed to perform their contractual obligations It is certain that the entity will collect the consideration to which it is entitled Each party's rights with regard to the goods or services concerned can be identified The payment terms can be identified EN 2时 6 l
- For PFRS 15 to apply, a contract with a customer should meet which of the following conditions? I. The contract has been approved by the parties to the contract. II. Each party's rights in relation to the goods or services to be transferred can be identified. III. The payment terms for the goods or services to be transferred can be identified. IV. The contract has commercial substance. V. It is probable that the consideration to which the entity is entitled to in exchange for the goods or services will be collected. A.I, III, IV and V B.I, II, III and IV C.I, II, III, IV and V D.I. II. III and VWhich of the following is NOT the correct statements regarding forward contracts? I. contain a commitment to the owner, and are standardized. II. contain a commitment to the owner, and can be tailored to the desire of the owner. III. contain a right but not a commitment to the owner, and can be tailored to the desire of the owner. IV. contain a right but not a commitment to the owner, and are standardized. A. I, III, IV B. II, IV C. I, II, III D. I, IIIn the Insuring Agreement, what word is used to ensure all conditions are met to meet a condition? a.; or Ob.: and Oc.; and Od, and
- Which of the following is a transfer of a party's rights under a contract to someone else O Novation O Transfer O Delegation O AssignmentWhich of the following mistakes that does NOT render an agreement defective? A) identity of the party or parties B) identity of the subject matter C) terms of the contract D) existence of the subject matterDefine each of the following terms:f. Best efforts arrangement; underwritten arrangement