Which of the following statements is incorrect?
A)each venturer to the jointly controlled entity uses its own property,plant and equipment and carries its own inventories
B)each venturer to the jointly controlled operation uses its own property,plant and equipment and carries its own inventories
C)for jointly controlled assets,each venturer will usually take a share of the output from the jointly controlled assets,and each bears an agreed share of the expenses incurred
D)a jointly controlled operation as involving the use of the assets and other resources of the venturers themselves

Question

Quizplus · Accepted Answer

Jointly controlled operations involve the use of the venturers' own assets, resources, and inventories, not jointly controlled entities. In a jointly controlled entity, the entity itself would own assets and manage inventories, distinct from the venturers' individual assets and inventories.

Which of the Following Statements Is Incorrect