Briefly Explain How the Supplies on Hand Account Is Adjusted

question 22

Essay

Briefly explain how the supplies on hand account is adjusted at the end of the period.

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Definitions:

Unreasonably Dangerous Product

In product liability, a product that is defective to the point of threatening a consumer’s health and safety. A product will be considered unreasonably dangerous if it is dangerous beyond the expectation of the ordinary consumer or if a less dangerous alternative was economically feasible for the manufacturer, but the manufacturer failed to produce it.

Tort Action

A lawsuit brought to obtain a private civil remedy for harm caused by wrongful conduct.

Strict Liability

A legal doctrine that holds a party responsible for their actions or products without the plaintiff having to prove negligence or fault.

Product Liability

The legal liability of manufacturers, sellers, and lessors of goods to consumers, users, and bystanders for injuries or damages that are caused by the goods.