The following are various management assertions (items 1. through 12.) related to sales and accounts receivable: 1. Recorded accounts receivable exist. 2. Disclosures related to sales are relevant and understandable. 3. Recorded sales transactions have occurred. 4. There are no liens or other restrictions on accounts receivable. 5. All sales transactions have been recorded. 6. Receivables are appropriately classified as to trade and other receivables in the financial statements and are clearly described. 7. Sales transactions have been recorded in the proper period. 8. Accounts receivable are recorded at the correct amounts. 9. Sales transactions have been recorded in the appropriate accounts. 10. All accounts receivable have been recorded. 11. Disclosures related to receivables are at the correct amounts. 12. Sales transactions have been recorded at the correct amounts. Required a) For each assertion, indicate whether it is an assertion about classes of transactions and events or an assertion about account balances. (6 marks) b) Indicate the name of the assertion (12 marks) Management Assertion (list out the item numbers) (a) (b)