For a reporting entity that has participated in related-party transactions that are material, disclosure in the financial report should include:
A)the nature of the relationship and the terms and manner of settlement.
B)a summary of the transactions within major classifications.
C)a statement to the effect that a transaction was consummated on terms no less favourable than those that would have been obtained if the transaction had been with an unrelated party.
D)a reference to deficiencies in the entity's internal control.

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The Answer of For a reporting entity that has participated in related-party transactions that are material, disclosure in the financial report should include:
A)the nature of the relationship and the terms and manner of settlement.
B)a summary of the transactions within major classifications.
C)a statement to the effect that a transaction was consummated on terms no less favourable than those that would have been obtained if the transaction had been with an unrelated party.
D)a reference to deficiencies in the entity's internal control.

For a Reporting Entity That Has Participated in Related-Party Transactions