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. OccurrenceD. Cutoff

B. CompletenessE. Classification

C. AccuracyF. Presentation

Assertions about Account Balances and Related Disclosures, at the period end.

G.ExistenceJ. Accuracy, Valuation and Allocation

H.Rights and ObligationsK. Classification

I.CompletenessL. Presentation

Items:

1. Items on the inventory listing can be located in the

company's warehouse.

2. The company actually owns inventory found in its warehouse. 3. Purchases in transit at year-end shipped FOB destination

are properly excluded in the company's accounts.

4. Recorded trade accounts receivable relate to actual sales.

Answers (USE ONLY ONE LETTER)

1. ____2. ____3. ____4. ____