When a Joint Operator Is Accounting for an Interest in Joint

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.

Correct Answer:

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