Green Co Received Merchandise on Consignment

question 143

Multiple Choice

Green Co. received merchandise on consignment. As of January 31, Green included the goods in inventory, but did not record the transaction. The effect of this on its financial statements for January 31 would be

• A) net income, current assets, and retained earnings were overstated.
• B) net income was correct and current assets were understated.
• C) net income and current assets were overstated and current liabilities were understated.
• D) net income, current assets, and retained earnings were understated.

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Definitions:

Original Position

A theoretical situation in John Rawls' theory of justice where individuals select principles of justice behind a veil of ignorance, unaware of their personal characteristics.

Rawls

John Rawls, a prominent American philosopher known for his work in political philosophy, particularly the theory of justice as fairness.

Minkoff and Paltrow

Referring to individuals or authors who may have contributed to literature or research, but without specific context, it's challenging to provide a detailed definition.

Fetuses

The term for a developing human during pregnancy after the embryonic stage and until birth.