22. Auditors consider financial statement assertions to identify appropriate audit procedures. For items i through vi, match each assertion with the statement that most closely approximates its meaning. Each statement may be used only once. (Use letters a. f. below.)

Assertion		Statement
i.	Completeness
ii.	Cutoff
iii.	Existence and occurrence
iv.	Presentation and disclosure
v.	Rights and obligations
vi.	Valuation

a.The company legally owns the assets, and are legally on the line for paying liabilities.

b. Accounts receivable and PP&E is recorded at proper amounts taking into account allowance for bad debt expense and depreciation.

c.All assets and liabilities have should have been recorded were recorded on the Balance Sheet.

d.Revenue is recorded in the correct accounting period.

e.Reported sales have really happened, and inventory is actually at the companys inventory location.

f.Assets are properly classified as short term and long term assets, and all related party transactions are disclosed as such on the financial statements.