1. Skyla, the lead auditor for Popcorn Corporation, is doing a planning session with the external audit team. During the discussion on the assertions to be tested, one of the junior auditors wanted to know which set of assertions is applicable when testing account balances at year-end. Which of the following is the correct response by Skyla?

		Occurrence, cutoff, completeness, accuracy, and classification
		Classification, understandability, cutoff, and occurrence
		Occurrence, rights and obligations, completeness, accuracy, and valuation
		Existence, rights and obligations, completeness, valuation, and allocation