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Geetha Has Been Diagnosed with Skin Cancer

question 12

Multiple Choice

Geetha has been diagnosed with skin cancer.Based on her physician's diagnosis,she believes that her condition was caused by SofSkin,a lotion that she used for many years.She wants to sue the manufacturer of SofSkin,but she realizes that a lawsuit would require a great deal of complicated evidence,and therefore would likely be long and expensive.Which of the following statements regarding class actions is TRUE in this situation?

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Definitions:

Revenue and Expense Accounts

Accounts used in accounting to track the income generated and expenses incurred by a business, integral to determining net profit or loss.

Income Summary

An account in accounting used to gather all revenue and expenses for a period to calculate net income (or loss).

Owner's Drawings

The amount of cash or other assets withdrawn by the owner from the business for the owner's personal use.

Net Income

The amount of profit earned by a business after all expenses and taxes have been subtracted from total revenue.

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