Which of the following statements is FALSE?
A)A joint arrangement is a contractual arrangement which provides for joint control.
B)Joint control requires majority agreement among the parties sharing control.
C)Two types of joint arrangements exist: joint operations and joint ventures.
D)The parties to a joint operation are required to report their share of each asset and liability.

Question

Quizplus · Accepted Answer

Joint control does not necessarily require majority agreement among the parties sharing control; it is based on unanimous consent for the relevant activities.

Which of the Following Statements Is FALSE