Which of the following is true concerning related party transactions? Group of answer choices...
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Accounting
Which of the following is true concerning related party transactions?
Group of answer choices
a They are illegal.
b While not illegal, they generally should be avoided.
c They are neither illegal nor something to be avoided. They are fine to undertake so long as they help further a firms business objectives and are properly disclosed in footnotes accompanying the financial statements.
d They are proprietary information that auditors should not ask about due to the Code of Professional Conducts Rules on Client Confidentiality.
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