The FASB Define Related Parties as

question 85

Multiple Choice

The FASB define related parties as

• A)affiliates of the company
• B)investments accounted for using the cost method of accounting for investment securities
• C)trusts for the benefit of employees,such as,pension and profit sharing trusts that are managed by management
• D)principal debtors of the company and their immediate families
• E)employees of the company and their immediate families
• F)both A and C
• G)both B and D
• H)both D and E

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Definitions:

Sainte-Chapelle

A Gothic chapel in Paris, renowned for its stunning stained glass windows and considered a high point of the Rayonnant period of Gothic architecture.

Rayonnant

The “radiant” style of Gothic architecture, dominant in the second half of the 13th century and associated with the French royal court of Louis IX at Paris.

Flamboyant

A Late French Gothic style of architecture superseding the Rayonnant style and named for the flame-like appearance of its pointed bar tracery.

Stained Glass

The art of creating pictures or patterns using pieces of colored glass, often assembled in windows, with light passing through to produce a decorative effect.