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Accounting For Joint Venture Interview Questions & Answers - Learning Mode
COOLINTERVIEW.COM FINANCIAL ACCOUNT INTERVIEW QUESTIONS ACCOUNTING FOR JOINT VENTURE INTERVIEW QUESTIONS QUESTIONS & ANSWERS - LEARNING MODE

Accounting For Joint Venture Interview Questions & Answers - Learning Mode

A joint venture is a business arrangement in which two or more parties contribute resources in order to achieve a goal. A jointly controlled entity maintains its own accounting records and prepares financial statements from those records. If a venturer contributes cash or other assets to a jointly controlled entity, the venturer records this transfer as an investment in the jointly controlled entity.

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Accounting For Joint Venture Interview Questions & Answers - Learning Mode
Try Accounting For Joint Venture Interview Questions & Answers - Exam Mode
Question: Name the accounts prepared under the method where no separate set of books is kept.

Answer: a) Joint Venture Account
b) Other Co- ventures Account Source: CoolInterview.com
Question: Give the journal entry under the method where separate set of books is kept when cash contributed or invested or paid- in-by co- ventures.

Answer: Joint Bank A/C Dr xxx
To Respective Co-venture A/C xxx Source: CoolInterview.com
Question: What is the difference between joint venture and consignment?

Answer: a) The parties to a joint venture are called co- ventures whereas the parties to a consignment are called consignor and consignee.
b) In a joint venture all the co- ventures bear the risk whereas in consignment only the consignor bears the risk. Source: CoolInterview.com
Question: What are the advantages of Joint Venture?

Answer: a) Gaining access to expertise without the need to hire more staff.
b) Leveraging existing technologies and patents developed by other companies.
c) Sharing the risk of high- leverage but uncertain ventures. Source: CoolInterview.com
Question: What are the disadvantages of Joint Venture?

Answer: a) Setting unrealistic objectives that may not be completely clear in advance and not alligned to a common goal.
b)Making poor tactical decisions caused by a misunderstanding of the roles of each company. Source: CoolInterview.com
Question: What is joint venture?

Answer: A joint venture is a business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task.This task can be a new project or any other business activity.The venture is its own entity, separate and apart from the participant's other business interests.
Source: CoolInterview.com
Question: What is Co- ventures Account?

Answer: This is the capital account of the venture relating to venture. This account is credited by the capital contributed by the ventures, goods supplied by them from their own stock, expenses made personally by them etc whereas this account is debited for any withdrawal or any asset taken from the venture. Source: CoolInterview.com
Question: Explain the meaning of Memorandum Joint Venture Account?

Answer: It is prepared through memoranda i.e. transactions are directly entered in the Memorandum Joint Venture Account. It is merely a statement showing profit or loss on venture. Source: CoolInterview.com
Question: Name the accounts prepared under the method where separate set of books is kept?

Answer: a) Joint Venture Account
b) Joint Bank Account
c) Co- Venture's Account Source: CoolInterview.com
Question: What is Joint Bank Account?

Answer: It is like cash book or bank account. All incomes including the capital contribution by the ventures appears on the debit side of this account whereas all expenses of the venture appear on the credit side of this account. It is finally closed by payment to the co- ventures leaving no balance either side. Source: CoolInterview.com
Question: What is the difference between joint venture and partnership?

Answer: Joint Venture involves two or more companies joining together in business. In partnership, it is individuals who join together for a combined venture. Source: CoolInterview.com
Question: What is Joint Venture Account?

Answer: This account represents the results of the business, that is, profit or loss. This account is debited by the cost of goods, expenses,goods supplied by the ventures etc and are credited by sale proceeds, unsold stock, stock taken by ventures etc. Source: CoolInterview.com

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