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Which is an essential element of a joint arrangement

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Reference no: EM132819440

Problem 1: Which of the following is an essential element of a joint arrangement?

a. Significant influence

b. Control

c. Joint control

d. Joint venture

Problem 2: Moratalla Co and Magtibay Co, national distributors of textbooks enter into a contract to acquire a warehouse in a particular region. Each party will use a warehouse to store its own inventories. The parties agreed to share in the cost of acquiring and maintaining the warehouse. Under the PFRS 11, the arrangement between Moratalla Co and Magtibay Co is most likely a

a. Joint Operations

b. Jointly controlled asset

c. Joint venture

d. None of the above

Reference no: EM132819440

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