II. Indicate the most applicable of each of the following assertions. Use only ONE letter for each item. Assertions about Classes of Transactions and Events and Related Disclosures, for the period under audit: A. Occurrence D. Cutoff B. Completeness E. Classification C. Accuracy F. Presentation Assertions about Account Balances and Related Disclosures, at the period end. G. Existence J. Accuracy, Valuation and Allocation H. Rights and Obligations K. Classification I. Completeness L. Presentation Items: 1. All sales that took place, were recorded. 2. The company actually owns inventory found in its warehouse. 3. Items on the company's inventory listing are in the company's warehouse. 4. Purchases shipped FOB destination, still in transit at the end of year 1, are excluded from inventory for year 1. 5. The auditor counts 101 items while the inventory record indicates that there are 100 items. Answers (USE ONLY ONE LETTER) 1. __ 2. 3. __ 4. - 5