Which of the Following Is Not a Required Disclosure for Related-Party

question 61

Multiple Choice

Which of the following is not a required disclosure for related-party transactions?

• A) The nature of the relationship.
• B) A description of the transactions.
• C) The amounts due from or to related parties.
• D) The impact of the transactions on current year's income.

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Definitions:

Long-Term Repercussions

Enduring consequences or effects that result from an action or decision made earlier.

Job Specification

A detailed description of the qualifications, skills, and experience required for an employee to perform a specific job successfully.

Task Statement

A clear description of a duty or responsibility that outlines the expected performance or outcome of a particular job function.

Abilities

The skills or competencies that an individual possesses, which enable them to perform specific tasks.