A and B Entered a Variety Store Owned by B

question 31

True/False

A and B entered a variety store owned by B.Unknown to A,B,or C the chocolate bar which A gave to B contained a piece of metal that had fallen into the chocolate mix when the candy bar was made.When B attempted to eat the chocolate,she damaged one of her teeth.She was obliged to have the tooth repaired by a dentist,and in addition,lost a day's work because of the painful injury to her mouth.Her total loss amounted to $300.00.
A may take legal action against C,since C sold the chocolate bar.C.A purchased two chocolate bars from C,and gave one to

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Definitions:

Balance Sheet

A financial statement that presents a company's financial position at a specific point in time, detailing assets, liabilities, and shareholders' equity.

Temporary Accounts

Accounts that are used to collect balances over a single accounting period, which are then reset by transferring the balance to a permanent account, including revenue, expense, and dividends accounts.

Nominal Accounts

Accounts that are closed at the end of each accounting period, including all income, expense, and withdrawal accounts.

Closing Process

The set of procedures undertaken at the end of an accounting period to prepare accounts for the next period, including closing temporary accounts to the permanent summary account.