Under Concepts Articulated in McPherson V

question 15

True/False

Under concepts articulated in McPherson v.Buick,a manufacturer of a defective product is only liable to the purchaser of the product and not to every user.

---

Definitions:

Partnership Accounting

The process of managing and recording the financial activities, transactions, and interests of partners within a business partnership.

Drawing Account

An account that tracks the money or goods withdrawn from a business by its owners for personal use.

Capital Account

A financial statement that shows the changes in ownership interest of a company over a period.

Noncumulative

Pertains to dividends or other rights that do not accumulate if not paid or exercised in the period they are due.