American Institute of Certified Public Accountants (AICPA) Practice Exam

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Does the term "immediate family" include siblings?

Yes, it includes siblings along with other relatives.
No, it only includes parents.
No, it does not include siblings.
Yes, but it only applies in certain contexts.

The correct answer is: No, it does not include siblings.

The notion of "immediate family" varies across different contexts, such as legal definitions, workplace policies, or ethical guidelines, and often includes individuals closely related to the primary individual. In most definitions, "immediate family" encompasses parents, siblings, and children. Therefore, if siblings are considered part of the immediate family according to certain guidelines or contexts, the response claiming they are not included is not universally accurate. Option D introduces the idea that "immediate family" might only pertain to certain contexts, which further supports the idea that siblings are often part of the designation. Context is essential for understanding how immediate family is defined, whether in financial disclosures, ethical considerations, or family leave policies. In many situations, it's important to clarify what "immediate family" constitutes, but generally, the inclusion of siblings is consistent and common across various frameworks. The definition of "immediate family" should be approached holistically, recognizing that many definitions will include siblings, thereby rendering the assertion that they are not included as limited or incorrect under typical circumstances.