The FASB Define Related Parties as

question 61

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 union representatives
• D)principal debtors of the company and their immediate families
• E)management of the company and their immediate families
• F)both A and E
• G)both B and C
• H)both D and E

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Definitions:

Excretory System

A system of organs responsible for the removal of waste products and excess substances from an organism's body.

Ectoderm

The outermost layer of cells or tissue of an embryo in early development, giving rise to the epidermis and nervous system among others.

Germ Layer

One of the three primary layers of cells (ectoderm, mesoderm, endoderm) in the early embryo that develop into specific organ systems.

Nervous System

A complex network of nerve cells and fibers that transmits nerve impulses between parts of the body, coordinating and controlling bodily functions.