The Following Three Broad Duties Stem from the Fiduciary Status

question 17

Multiple Choice

The following three broad duties stem from the fiduciary status of corporate directors:

• A)Obedience, loyalty, and confidentiality
• B)Obedience, loyalty, and due care
• C)Loyalty, due care, and confidentiality
• D)Obedience, loyalty, and good faith
• E)Loyalty, confidentiality, and good faith

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Definitions:

IAS 41

An international accounting standard that relates to agriculture, covering the accounting for agricultural activity and the management of living plants and animals.

Agricultural Produce

The harvested product of the entity’s biological assets.

Biological Assets

Living plants or animals that are used in agricultural production or held for sale, breeding, or other purposes, which can provide economic benefits to their owners.

AASB 141

An Australian accounting standard that covers the agricultural sector, detailing the accounting for agricultural activity including the recognition and measurement of biological assets and agricultural produce.