If a business entity entered into certain related party transactions, it would be required to disclose all of the following information except the
A) nature of the relationship between the parties to the transactions.
B) nature of any future transactions planned between the parties and the terms involved.
C) dollar amount of the transactions for each of the periods for which an income state-ment is presented.
D) amounts due from or to related parties as of the date of each balance sheet presented.

Question

Quizplus · Accepted Answer

The business entity is required to disclose the nature of the relationship between the parties, the dollar amount of the transactions for each period presented, and the amounts due from or to related parties as of each balance sheet date. Disclosure of future transactions and terms involved is not required.

If a Business Entity Entered into Certain Related Party Transactions