Fred Received Merchandise on Consignment from Barney

question 181

Multiple Choice

Fred received merchandise on consignment from Barney.As of March 31, Fred had recorded the transaction as a purchase and included the goods in inventory.The effect of this on Fred's financial statements for March 31 would be

• A)net income was correct and current assets and current liabilities were overstated.
• B)net income, current assets, and current liabilities were overstated.
• C)net income and current liabilities were overstated.
• D)no effect.

---

Definitions:

Back Propagation

Reverse movement of an action potential into the soma and dendritic field of a neuron; postulated to play a role in plastic changes that underlie learning.

Action Potential

A temporary reversal of an electric polarization of the membrane of a nerve cell or muscle cell, allowing for the transmission of signals.

EPSP Reversal

A phenomenon where the excitatory postsynaptic potential changes direction, usually due to alterations in ion gradient or membrane potential.

Neural Plasticity

The ability of the brain's neural networks to change through growth and reorganization, in response to learning or experience.