Joint Venture Accounts

Joint Venture Accounts

12th Grade

10 Qs

quiz-placeholder

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Joint Venture Accounts

Joint Venture Accounts

Assessment

Quiz

Other

12th Grade

Hard

Created by

Phaik Gek Lim

Used 2+ times

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10 questions

Show all answers

1.

MULTIPLE SELECT QUESTION

45 sec • 1 pt

A joint venture is when two or more businesses decide to work together and set up a new business.

True

False

2.

MULTIPLE SELECT QUESTION

30 sec • 1 pt

When two or more people come together and set up a new business, it is called a joint venture.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A partner in joint venture may enjoy full ownership of the company.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Joint Venture means two or more parties co-operate on a particular project without forming a permanent business entity.

True

False

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which of the following description is more likely to reflect the characteristic of a joint venture?

The venturers cannot have their own business besides the venture.

It will end immediately when the business is completed.

Two parties joint together to make a continuing business.

It is limited to the business of two parties only.

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Ali and Billy entered into a joint venture to purchase and sale of goods. When goods purchased by Ali were sent to Billy for sales, whose books should be recorded?

Ali's books

Billy's books

Both Ali's and Billy's books

No record is needed

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following transactions would appear in Memorandum Joint Venture Account?
I Cheque received by one venturer from another
II Drawings of goods for venturers’ personal use
III Unsold inventory taken over by venturers
IV Expenses paid by venturers

I, II, III

I, II, IV

I, III, IV

II, III, IV

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