When a Joint Operator Is Accounting for an Interest in Joint

Multiple Choice

When a joint operator is accounting for an interest in joint operation it is required to recognise which of the following in its financial statements? $\begin{array}{c}\begin{array}{lll}\\ \text { I.The assets that it controls}\\\text { II. The liabilities that it incurs}\\\text { III.Its share of income from the sale of goods }\\\text { by the joint operation}\\\text { IV. The expenses that it incurs}\end{array}\begin{array}{l}\text { I }\\\text { Yes}\\\text { Yes}\\\text { Yes}\\\\\text { Yes}\end{array}\begin{array}{l}\text { II }\\\text { Yes }\\\text {Yes}\\\text {No}\\\\\text {No}\end{array}\begin{array}{l}\text { III} \\\text { Yes } \\\text { No } \\\text { Yes }\\\\\text {No} \end{array}\begin{array}{l}\text { IV } \\\text { Ye } \\\text { No } \\\text { No } \\\\\text { No } \end{array}\end{array}$

A) I
B) II
C) III
D) IV