12/7/22, 3:02 PM QUIZ 4 - RELATED PARTY DISCLOSURE

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QUIZ 4 - RELATED PARTY DISCLOSURE

For Solving the following problems.  Enter only your FINAL ANSWER. DO NOT USE PESO
SIGN IN YOUR ANSWER. ENTER THE FIGURES/NUMBERS ONLY IN WHOLE NUMBER
WITHOUT DECIMAL PLACES USING COMMA AS SEPARATOR.  (e.g. 3,000; 1,000,000;
10,000,000; 1,234,567,890)

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* Required

According to PAS 24 Related Party Disclosures, which of the following fall * 1 point
within the definition of an entity's related party?  I. Another entity in
which the entity owns 5% of the voting rights; II. A post-employment
benefit plan for the benefit of the employees of the entity's parent; III. An
executive director of the entity; IV. The partner of a key manager in a
major supplier to the entity

I, II and III

II and III

III only

II, III, and IV

SECTION *

AC11

AC12
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12/7/22, 3:02 PM QUIZ 4 - RELATED PARTY DISCLOSURE
AC12

AC14

NAME (LASTNAME, FIRSTNAME, MI.) *

VILLAMOR, SHANA O.

Which of the following payments by a company should be disclosed in the * 1 point

notes to the financial statements as a related party transaction?  I.

Royalties paid to a major shareholder as consideration for patents
purchased from the shareholder. II. Key officers' salaries.

I only.

II only.

Both I and II.

Neither I nor II.

An entity shall disclose the name of the entity’s parent and, if different, the * 1 point

ultimate controlling party. If neither the entity’s parent nor the ultimate
controlling party produces financial statements available for public use, the
name of the next most senior parent that does so shall also be disclosed.
The next most senior parent is  

the member of the group which has the greatest net assets, provided it is a listed
entity

the first parent in the group above the immediate parent that produces consolidated
financial statements available for public use

the first parent in the group above the immediate parent that produces consolidated
financial statements or separate financial statements available for public use,
provided that entity meets the required minimum capitalization required by
l i h SEC BIR BSP d h Offi f h I
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12/7/22, 3:02 PM QUIZ 4 - RELATED PARTY DISCLOSURE
regulatory agencies such as SEC, BIR, BSP and the Office of the Insurance
Commission (OIC).

the member of the group which is a publicly-accountable entity.

What total amount should be reported as related party disclosures in the * 1 point
notes to THUNDER INC’s 2014 Consolidated Financial Statements?

2,000,000

Which companies would be classified under PAS 24 Related Party * 1 point

Disclosures as related parties of NCPAR?

I and III

I, II and III

II and III

all of these

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12/7/22, 3:02 PM QUIZ 4 - RELATED PARTY DISCLOSURE

Which of the following statements is incorrect? * 1 point

Control is the power to govern the financial and operating policies of an entity so as
to obtain benefits from its activities.

Relationships between parents and subsidiaries shall be disclosed only when there
have been transactions between those related parties.

Joint control is the contractually agreed sharing of control over an economic activity.

Key management personnel are those persons having authority and responsibility for
planning, directing and controlling the activities of the entity, directly or indirectly,
including any director (whether executive or otherwise) of that entity.

Significant influence is the power to participate in the financial and operating policy
decisions of an entity, but is not control over those policies. Significant influence
may be gained by share ownership, statute or agreement.

Which of the following statements is correct? * 1 point

I, IV

I, II, IV

I, III, IV

I, II, III, IV

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12/7/22, 3:02 PM QUIZ 4 - RELATED PARTY DISCLOSURE

What is the total amount that should be disclosed as compensation to key * 1 point
management personnel to conform with the related party disclosures
required by PAS 24?

5,000,000

PAS 24 requires disclosure of compensation of key management * 1 point

personnel. Which of the following would not be considered “compensation”

for this purpose?

Short-term benefits.

Share-based payments.

Termination benefits.

Reimbursement of out-of-pocket expenses.

Which of the following is not a related party as envisaged by PAS 24? * 1 point

A director of the entity.

The parent company of the entity.

A shareholder of the entity that holds 1% stake in the entity.

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12/7/22, 3:02 PM QUIZ 4 - RELATED PARTY DISCLOSURE

The son of the chief executive officer of the entity.

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