Management makes assertions about components of the financial statements.

Match the management assertions shown in the left-hand column with the proper description of the assertion shown in the right-hand column.

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Management Assertion a. Existence b. Rights and obligations c. Completeness d. Valuation or allocation e. Assertions about presentation and disclosure Description 1. The accounts and transactions that should be included are included; thus, the financial statements are complete. 2. Assets, liabilities, equity revenues, and expenses are appropriately valued and are allocated to the proper accounting period. 3. Amounts shown in the financial statements are properly presented and disclosed. 4. The assets are the rights of the entity, and the liabilities are its obligations. 5. The assets and liabilities exist, and the recorded transactions have occurred.