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 A. Occurrence B. Completeness C. Accuracy D. Classification E. Cutoft Assertions about Account Balances F. Existence G. Completeness H. Valuation and Allocation I. Rights and obligations Assertions about Presentation and Disclosure J. occurrence and Rights and Obligations K. Completeness L.Ac M. Classification and Understandability and Valuation Items management says that the company owns assets included in the accounting records. the end of year 1, are excluded from revenue for year l. claims against the company have been recognized in the 2. All inventory purchases that took place have been recorded 3. Salea shipped FOB destination, still in transit at 4. Management states that probable losses from all lawsuits and s. Management complies with accounting principles in 6. All sales that have been recorded, took place. tinancial statements determining depreciation expense. 7 The financial statement footnotes include the significant accounting principles used. 8. No footnotes are included with the tinancial statements. Answers (USE ONLY ONE LETTER)