Match the following assertions with their associated description: (a) Existence or occurrence, (b) Completeness, (c) Rights and

Question:

Match the following assertions with their associated description:
(a) Existence or occurrence,
(b) Completeness,
(c) Rights and obligations,
(d) Valuation or allocation,
(e) Presentation and disclosure.
1. The company has title to the inventory as of the date.
2. Inventory balances exist at the date.
3. Inventory is properly classified on the and disclosed in the notes to the financial statements.
4. Inventory balances include all inventory transactions that have taken place during the period.
5. The recorded balances reflect the true underlying economic value of those assets.

Balance Sheet
Balance sheet is a statement of the financial position of a business that list all the assets, liabilities, and owner’s equity and shareholder’s equity at a particular point of time. A balance sheet is also called as a “statement of financial...