Exam 21: Related Party Disclosures

Howard is one of the directors of Chester Limited. In the current financial year, Chester Limited paid $60 000 to Longfield Agency, where Howard's brother works, for the consultancy services it provided. In addition, Chester Limited also paid $4000 to Howard for a once-off consultancy he provided on a specific project. Which of the following statements describes the relationship between Howard, Chester Limited, and Longfield Agency?

(Multiple Choice)

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Question 21

The following remuneration categories must be disclosed for key management personnel, except for:

(Multiple Choice)

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Question 22

Examples of related party transactions that must be disclosed include:

(Multiple Choice)

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Question 23

AASB 124 shall be applied in identifying the following, except for:

(Multiple Choice)

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Question 24

Thompson Limited is a subsidiary of Victor Limited. Which of the following is not a related party to Thompson Limited?

(Multiple Choice)

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Question 25

Amy Limited and Sheldon Limited are the two subsidiaries of Big Bang Company. Leonard, one of the directors of Big Bang Company, is also a director of Sheldon Limited. Leonard's wife, Penny, has 10% shareholding in Sheldon Limited. Which of the following are related parties to Amy Limited?

(Multiple Choice)

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Question 26

An entity is related to a reporting entity if any of the following conditions apply, except:

(Multiple Choice)

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Question 27

Showing 21 - 27 of 27

Exam 21: Related Party Disclosures

The following remuneration categories must be disclosed for key management personnel, except for:

Examples of related party transactions that must be disclosed include:

AASB 124 shall be applied in identifying the following, except for:

Thompson Limited is a subsidiary of Victor Limited. Which of the following is not a related party to Thompson Limited?

Amy Limited and Sheldon Limited are the two subsidiaries of Big Bang Company. Leonard, one of the directors of Big Bang Company, is also a director of Sheldon Limited. Leonard's wife, Penny, has 10% shareholding in Sheldon Limited. Which of the following are related parties to Amy Limited?

An entity is related to a reporting entity if any of the following conditions apply, except:

Accounting Regulation and the Conceptual Framework

Application of Accounting Theory

Fair Value Measurement

Inventories

Property, Plant and Equipment

Intangible Assets

Impairment of Assets

Provisions, Contingent Liabilities and Contingent Assets

Employee Benefits

Leases

Financial Instruments

Income Taxes

Share Capital and Reserves

Share Based Payment

Revenue

Presentation of Financial Statements

Statement of Cash Flows

Accounting Policies and Other Disclosures

Earnings Per Share

Operating Segments

Sustainability and Corporate Social Responsibility Recording

Foreign Currency Transactions and Forward Exchange Contracts

Translation of Foreign Currency Financial Statements

Business Combinations

Consolidation: Controlled Entities

Consolidation: Wholly Owned Entities

Consolidation: Intragroup Transactions

Consolidation: Non-Controlling Interest

Consolidation: Other Issues

Associates and Joint Ventures

Joint Arrangements

Insolvency and Liquidation

Accounting for Mineral Resources

Agriculture

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