Answer each statement below with "True" or "False". Give an explanation!

1. Valuation is a relevant assertion when auditing premiums or discounts on bonds
2. An organization typically has many debt transactions during the year, with each individual transaction being material
3. Inherent risks related to debt obligations primarily concern the authorization of debt, receipt of funds, recording debt transactions, and compliance with any debt covenants
4. Existence is the most relevant assertion associated with an inherent risk for treasury stock transactions recorded in the wrong period
5. Completeness is the most relevant assertion associated with an inherent risk for dividends that are recorded and paid before being declared