Part 3 Management Assertions (15 points) I. Conceptuall statements. (1) Define what is meant by y, management makes assertions about the financial management assertions the concept of management assertions help the auditor in auditing an entity's financiai statements? II. Indicate the most applicable of each of the following assertions. Use only ONE letter for each item. Assertions about Classes of Transactions and Events: A. Occurrence D. Classification E. Cutoff B. Completeness C. Accuracy Assertions about Account Balances F. Existence G. Completeness H. Valuation and Allocation I. Rights and Obligations Assertions about Presentation and Disclosure J. Occurrence and Rights and Obligations K. Completeness L. Accuracy and Valuation M. Classification and Understandability Items 1. Management complies with accounting principles in determining depreciation expense. 2. All sales that were recorded took place. 3. All inventory purchases that took place were recorded. 4. Footnotes to the financial statements are written in the ancient Sand script language. Anawers (USE ONLY ONE LETTER)