Fred Received Merchandise on Consignment from Dino

question 36

Multiple Choice

Fred received merchandise on consignment from Dino. As at January 31, Fred included the goods in inventory, but did NOT record the transaction. The effect of this on Fred's financial statements for January 31 would be

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

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Definitions:

Social Support

The psychological and material resources provided by a social network to help individuals cope with stress.

Paraplegic Patient

An individual who has lost the ability to move or feel both legs (and sometimes part of the trunk) due to spinal cord injury or disease.

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A condition where the levels of electrolytes (minerals such as sodium, potassium, and calcium) in the body are either too high or too low, affecting bodily functions.

Tertiary Prevention

Interventions designed to manage and alleviate the symptoms of an already diagnosed disease or to prevent disease progression and complications.