Transactions with and Amounts Receivable from or Payable to a Key

question 20

Multiple Choice

Transactions with and amounts receivable from or payable to a key management person and their related parties are excluded from additional disclosures when:

• A) the transactions occur within a normal employee, customer or supplier relationship on terms and conditions no more favourable than those that it is reasonable to expect the entity would have adopted if dealing with an unrelated person.
• B) the information about them does not have a potential to affect adversely decisions about the allocation of scarce resources made by the users of the financial report, or the discharge of accountability by the key management person.
• C) these are trivial or domestic in nature.
• D) All of the given answers are correct.

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Definitions:

Body Language

Non-verbal communication through physical behaviors such as facial expressions, gestures, and postures.

Visual Materials

Items such as charts, graphs, pictures, or videos used to supplement a presentation or communication, making information more accessible and engaging.

Social Meaning

The significance or interpretation of behaviors, symbols, or practices within a particular society or cultural context, influencing interactions and perceptions.

Nonverbally

Related to communication methods that do not involve spoken words, such as body language, facial expressions, and gestures.