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

Multiple Choice

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.