The professional standards identify five categories of assertions made by management that are contained in the financial statements. If any of these assertions is a misrepresentation, the statements could be materially misstated. The categories of assertions identified by the profession are: of stion A. Existence or occurrence B. Completeness C. Rights and obligations D.Valuation or allocation E Presentation and disclosure Following is a list of errors encountered during the conduct of an audit. REQUIRED: Indicate the assertion that is being misrepresented by each listed error. Clerical errors were made in the compilation of the physical inventory count Choose.. + Legal title has not been obtained to a truck purchased from a private party. 4 Choose A number of shipments were made that were never billed. Choose. . Several fictitious sales were booked during the period. Choose... The subsidiary accounts receivable ledger is out of balance with the control account Choose... Utility bills for the current period were recorded and paid in the following period Choose... A short-term loan obtained from the bank was not recorded. Choose... : The allowance for doubtful accounts was understated because of the failure to properly age the receivables at year-end. Choose... The fact that certain inventories were pledged as collateral on a bank loan was not mentioned in the statements. Choose.. A piece of land, carried as an investment has been written up to reflect current appraisals of the property Choose Reported sales include transactions from the subsequent period. Choose Reported sales include transactions from the subsequent period. Choose... 0 The current portion of long-term debt was excluded from the current liabilities section of the balance sheet. Choose... + The disposal of several pieces of machinery was never recorded Choose... Accrued liabilities include the utility bills of the owner. Choose. Some of the inventory is obsolete, with no current market. Choose