Related Party

question 62

Multiple Choice

Related party

• A) transactions must be disclosed in the footnotes even if the amounts are immaterial.
• B) disclosures include the nature of the related party relationship and a description of the transaction.
• C) transactions are considered arm's-length transactions.
• D) disclosures are required only for public companies.

---

Definitions:

Part-Timers

Employees who work fewer hours than the full-time work schedule, often offering flexibility and reduced workload.

Sabbaticals

Periods of paid or unpaid leave granted to employees, often academics, to study, travel, or rest.

Teresa Amabile

An American psychologist and professor who researches creativity, innovation, and how they are influenced by social and environmental factors.

Progress And Support

The concept of advancing or moving forward in a particular field while receiving assistance or encouragement.