Asked by Smitty Hendrix on Apr 24, 2024
Verified
A jointly controlled entity can be:
A) a company.
B) a partnership.
C) a trust.
D) all of the above.
Jointly Controlled Entity
An entity that is managed and operated under a joint control agreement by two or more parties.
Partnership
A legal form of business operation between two or more individuals who share management and profits.
Trust
A fiduciary relationship in which one party, known as a trustee, holds property for the benefit of another party, known as a beneficiary.
- Familiarize yourself with the processes of accounting for and disclosing participations in collaborative ventures and operations.
Verified Answer
ZK
Zachary KosloskeMay 02, 2024
Final Answer :
D
Explanation :
A jointly controlled entity can take the form of a company, partnership or trust, or any other form that involves joint control by two or more parties. Therefore, all of the above options are correct.
Learning Objectives
- Familiarize yourself with the processes of accounting for and disclosing participations in collaborative ventures and operations.