The Requirements for Certification in a Class Action Include

question 62

Multiple Choice

The requirements for certification in a class action include

• A)proof that the class action will be substantially less convenient than individual proceedings.
• B)proof that all of the claimants are being represented by the same law firm.
• C)a clearly defined class and most substantive issues are common to every claimant in that class.
• D)a payment of bond money to the court, to be used to pay for the defendant's costs if the claim is unsuccessful.
• E)proof that every potential member of the class has been personally notified of the proceedings.

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Definitions:

Credit

An accounting entry that either increases equity, liability, or revenue accounts, or decreases an asset or expense account.

Debit

An entry recorded on the left side of a double-entry accounting system that increases assets or expenses and decreases liabilities, equity, and revenue.

Inventory Purchases

This term refers to the buying of goods and materials that a business intends to sell in the future as part of its operations.

Accounts Payable Aging Report

A financial report that categorizes a company's accounts payable according to the duration that an invoice has been outstanding, helping businesses manage their debts effectively.