Question 8 During the next team meeting with Mr Docile, he asks you to prove the assets and liabilities, by proving the management assertions behind the Balance Sheet Items. After you leave the office, your clerk asks What are the management assertions for the Balance Sheet item? Required: Write a short memo to your clerk explaining the several management assertions surrounding Balances. (5 Marks) You set out to confirm the inventory of finished goods held in a row of containers stacked at the back of the DMC premises. On arrival you find it locked, and on contacting Mr Cozener are told that to minimise staff, and for security, the containers are only opened on a needs basis. All the containers hold substantial quantities of high value stock. You are told that Mr Diffident holds the keys and he will not be back in the office until tomorrow and you should return then. You return the next day, and complete testing of the inventory in the container. All appears to be in order. Mr Docile decides that no further testing is required.