The FASB Define Related Parties as

question 31

Multiple Choice

The FASB define related parties as

• A)customers 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 owners of the company and their immediate families
• E)employees of the company and their immediate families
• F)both A and B
• G)both B and E
• H)Both C and D

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Definitions:

Acceptance of Change

The level at which individuals or organizations adapt to or embrace new policies, procedures, or environments without significant resistance.

Behavioural Science

An interdisciplinary field studying human actions and the internal and external factors influencing them, including psychology, sociology, and anthropology.

Organizational Change

Organizational change involves the process of modifying an organization's structure, strategies, operational methods, technologies, or organizational culture to effectuate change and achieve desired outcomes.

Systematic Collection

A methodical process of gathering data, resources, or items that is organized and structured to achieve specific objectives.