An asset contributed to,or acquired for the specific purpose of the joint venture is known as a/an:
A)proportionately controlled asset
B)jointly owned asset
C)proportionately owned asset
D)jointly controlled asset

Question

Quizplus · Accepted Answer

A jointly controlled asset is an asset that is contributed to or acquired for the specific purpose of the joint venture and is controlled by the joint venture parties, who share the risks and rewards. This means that decisions regarding the use, management, and disposal of the asset must be made jointly by the parties involved. Jointly owned assets, on the other hand, may be owned jointly by the parties, but the parties may not necessarily have joint control over their use, management, or disposal.

An Asset Contributed To,or Acquired for the Specific Purpose of the Joint