1.65 Financial Statement Assertions and Possible Misstatements. According to the professional standards, a finaneial statement assertion is relevant if it has a "reasonable possibility of containing a misstatement that would cause the financiat statements to be materially misstated." For each of the possible misstatements identified below, please select the appropriate financial statement assertion. Possible MIlsstatement/Risk a. Revenue is overstated because the controller made up fraudulent frvoises and recorded them. eXIStCCCC b. Reventie is understated because the accountant closed the sales cycle a week earty to go on vacation. CV+0F c. Accounts receivable is overstated because the accounts receivable clerk forgot to apply available discounts. d. Accounts receivable is overstated because sales are falsifled. c. Travel expense is overstated because the sales force charged personal expenses on their corporate eredit card. f. Accounts payable is understated because the offee manager lost an invoice for supplies received so is was never recorded. g. The cash balance is understated because funds held in Japan were converted to SUSD at the wrong rate. h. The eash balance recorded on the financial statements is overstated because the treasurer is stealing from the company. 1. Inventory is overstated because it is held on consignment but included in the inventory balance. d. The cost of goods sold is overstated because time sheets have not been submitted for cach job. k. Long.term debt is overstated due to misclassiffeation by management