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B Com Exam  >  B Com Tests  >  Test: Accounting for Joint Venture - B Com MCQ

Test: Accounting for Joint Venture - B Com MCQ


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10 Questions MCQ Test - Test: Accounting for Joint Venture

Test: Accounting for Joint Venture for B Com 2024 is part of B Com preparation. The Test: Accounting for Joint Venture questions and answers have been prepared according to the B Com exam syllabus.The Test: Accounting for Joint Venture MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Accounting for Joint Venture below.
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Test: Accounting for Joint Venture - Question 1
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In a joint venture where separate books are maintained, which account records the profit or loss of the venture?

Detailed Solution for Test: Accounting for Joint Venture - Question 1
The joint venture account records all expenses and revenues related to the venture, showing whether the venture made a profit or loss by comparing the debit and credit sides.
Test: Accounting for Joint Venture - Question 2
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Which method of recording joint venture transactions is best suited for a short-term venture?

Detailed Solution for Test: Accounting for Joint Venture - Question 2
The memorandum method is suitable for short-term ventures or those of a temporary nature as it doesn't involve the double-entry system and each co-venture maintains records of their transactions.
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Test: Accounting for Joint Venture - Question 3
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When co-ventures contribute capital to a joint bank account, what is the journal entry?

Detailed Solution for Test: Accounting for Joint Venture - Question 3
When co-ventures contribute capital, it is deposited in the joint bank account, and the corresponding credit is made to the co-venture account.
Test: Accounting for Joint Venture - Question 4
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In the absence of separate books, what entry is made when the joint venture earns revenue?
Detailed Solution for Test: Accounting for Joint Venture - Question 4
When revenue is earned, the cash or bank account is debited, and the joint venture account is credited to record the earnings.
Test: Accounting for Joint Venture - Question 5
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If a co-venture supplies materials directly, which account is credited in the absence of separate books?
Detailed Solution for Test: Accounting for Joint Venture - Question 5
When a co-venture supplies materials directly, their personal account (co-venture account) is credited to acknowledge the contribution towards the joint venture.
Test: Accounting for Joint Venture - Question 6
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What is the main purpose of a joint venture account?
Detailed Solution for Test: Accounting for Joint Venture - Question 6
The joint venture account consolidates all expenses and revenues to determine the overall profit or loss of the venture.
Test: Accounting for Joint Venture - Question 7
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In the memorandum method, how is profit or loss determined?
Detailed Solution for Test: Accounting for Joint Venture - Question 7
Profit or loss is determined by compiling individual co-ventures' records into a memorandum joint venture account.
Test: Accounting for Joint Venture - Question 8
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What principle is followed in maintaining the co-venture account?
Detailed Solution for Test: Accounting for Joint Venture - Question 8
The co-venture account follows the principle of debiting the receiver and crediting the giver to maintain accurate records of contributions and distributions.
Test: Accounting for Joint Venture - Question 9
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When a co-venture withdraws an asset for personal use, what is the journal entry?
Detailed Solution for Test: Accounting for Joint Venture - Question 9
When a co-venture withdraws an asset, the asset account is debited to reflect the removal, and the co-venture account is credited.
Test: Accounting for Joint Venture - Question 10
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Under the separate books method, what happens when the credit side of the joint venture account exceeds the debit side?
Detailed Solution for Test: Accounting for Joint Venture - Question 10
A profit is made when the credit side (revenue) exceeds the debit side (expenses) of the joint venture account, indicating the venture was successful.
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