Wilma Received Merchandise on Consignment from Betty

question 66

Multiple Choice

Wilma received merchandise on consignment from Betty. As at March 31, Wilma had recorded the transaction as a purchase and included the goods in inventory. The effect of this on Wilma'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.

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Definitions:

Gestures

Physical movements made with parts of the body, especially hands and head, to express thoughts, emotions, or information without using words.

Nonverbal Communication

The process of conveying a message without the use of words, through gestures, facial expressions, posture, and other physical behaviors.

Dress Professionally

Wearing clothing that meets the standards and expectations of a particular professional environment or setting.

Active Body States

Physical conditions or postures that indicate engagement, readiness, or participation, often important in communication and sports.