Got a few true andd false questions.

1. Each venturer reports the assets contributed to the joint operations on its own books until the final product is sold to the end customer.

True or false

2.If a joint venture sells assets at a profit to a venturer, and the assets have not been resold by the venturer to independent third parties, only the venturer's share of the after-tax profit is eliminated on consolidation.

True of false

3.The definition of "joint control" is when all the equity owners have an equal equity interest and equal voting control in the joint venture.

True or false

4.When accounting for joint operations or a joint venture and the venturer contributes non-monetary assets to the joint venture, the venturer's own interest in the gain is recognized over the life of the asset and reported as a deferred gain on the liability side of the balance sheet.

True or false