the questions are indicated on the picture

PROBLEMS PROBLEM 1: MULTIPLE CHOICE 1. Which of the following is a peculiar characteristic of a joint arrangement? a. significant influence c. joint control b. control d. joint venture 2. Tech Co. and Robotics Co. are joint venturers of Mecha Co., a producer of high tech machinery. Tech and Robotics, each have a 50% interest in the net assets of Mecha Co. During the year, Tech Co. earns revenue of P1,000,000 from its own operations while Mecha Co. reports revenue of P400,000. How much total revenue shall be reported in Tech Co.'s statement of profit or loss for the year? a. P1,000,000 c. P1,400,000 b. P1,200,000 d. Either a or b If an entity's statement of financial position shows an "investment" account for its interest in a joint arrangement, a user of the entity's financial statement would most like find out in the notes that the nature of the joint arrangement is a(an) a. joint operation. c. investment in FVPL. b. joint venture. d. any of these 4. In its financial statements that are not considered separate financial statements, how should a joint venturer account for its interest in a joint arrangement? a. The joint venturer recognizes its share in the assets, liabilities, income and expenses of the joint venture by adding those shares, line by line, to similar accounts. b. The venturer uses the equity method to recognize its share in the profit or loss of the joint venture by recognizing its share in the revenues and expenses of the joint venture. C. The venturer uses the equity method to recognize its share in the changes in the net assets of the joint venture through one-line consolidation. d. The venturer accounts for the investment at cost, at fair value or using the equity method