Which of the following relationships are considered related parties?
A)A brother and sister.
B)A corporation and a 100% shareholder.
C)A partnership and a 66% partner.
D)All of these are related parties.

Question

Quizplus · Accepted Answer

All of these relationships are considered related parties according to accounting standards. Related parties are entities or individuals who have a close relationship with the reporting entity, which may influence the financial statements. Related party transactions should be disclosed in the financial statements to ensure transparency and avoid conflicts of interest.

Which of the Following Relationships Are Considered Related Parties