Section 402A of the Restatement Second)of Torts Addresses Which Theory

question 65

Multiple Choice

Section 402A of the Restatement Second) of Torts addresses which theory of liability?

• A)Breach of warranty.
• B)Preemption.
• C)Assumption of the risk.
• D)Negligence.
• E)Strict product liability.

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Definitions:

Balance Sheet

A financial summary capturing a company’s assets, obligations, and shareholders’ equity at a particular instant.

Ending Retained Earnings

The portion of net income left after dividends have been distributed to shareholders, reflected at the end of an accounting period.

Work Sheet

A work sheet is an informal business document used for preparing financial statements and facilitating the end-of-period accounting process, often in an Excel spreadsheet or similar format.

Adjusting Entries

These are journal entries made in an accounting system to update account balances prior to preparing financial statements, ensuring that all revenues and expenses are recorded in the appropriate periods.