Management makes assertions about components of the financial statements. Match the management assertions shown in the left- hand column with the proper description of the assertion shown in the right- hand column.

Management Assertion Description
a. Existence or occurrence 1. The accounts and transactions that should be included are included; thus, the financial statements are complete.
b. Rights and obligations 2. Assets, liabilities, equity revenues, and expenses are appropriately valued and are allocated to the proper accounting period.
c. Completeness 3. The assets are the rights of the entity, and the liabilities are its obligations.
d. Valuation or allocation 4. The assets and liabilities exist, and the recorded transactions have occurred.