Management makes many assertions through accounting disclosures in the financial statements.

Required: For each scenario below, choose the appropriate assertion. Each selection may be used once, more than once, or not at all

1. Assets reported are owned by the entity, and the liabilities are the obligations of the entity as of year end.

[ Choose ] Rights and Obligations Accuracy and valuation Classification Occurrence Completeness Authorization Existence Cutoff

2. All assets, liabilities, revenues, and expenses have been included in the financial statements at the appropriate amounts.

[ Choose ] Rights and Obligations Accuracy and valuation Classification Occurrence Completeness Authorization Existence Cutoff

3. The assets and liabilities recorded in the financial statements are not fictitious.

[ Choose ] Rights and Obligations Accuracy and valuation Classification Occurrence Completeness Authorization Existence Cutoff