Many Purchasers or Users of Products, or Even Third Parties

question 34

True/False

Many purchasers or users of products, or even third parties, who sustain injury or property loss as a direct result of using the product, file a civil lawsuit based not on tort law, but on contract law.

---

Definitions:

Supplies Expense

Represents the cost of supplies used during an accounting period, differentiating from supplies bought but not yet used.

Net Income

The total profit or loss of a company after all expenses, taxes, and costs have been deducted from total revenue, a key indicator of financial performance.

CPA Services

Professional services offered by Certified Public Accountants, including auditing, tax preparation and planning, and financial consulting.

Accounts Receivable

Money owed to a company by its customers for products or services already delivered but not yet paid for.