Question 2 (15 Marks) Determine the account and key assertion at risk in each of the following independent situations. Explain why you chose this assertion. (1) Ruby Red is concerned that due to lack of skilled staff during a busy period, there is a possibility that the entity has not recorded all of its sales transactions during the year. Key Assertion explanation (1) Account (1) (1 (2) Emerald Green noted that while they believe that all expenses have been recorded, it appears that some of the expenses may relate to services that have not yet been provided and are due to be provided in the first week of the next financial year. Key Assertion Account (0 (1) Explanation (1) 121 (3) Sapphire Blue is concerned when they discover that the inventory records include items which they are unable to locate in their warehouse Key Assertion Explanation 1 Account coll (1) 3 (4) Bleak Black noted that there had been a huge increase in recorded sales after the implementation of a new bonus scheme designed to encourage staff to exceed their sales targets. Key Assertion Account (1) (1) "Explanation (1) (5) Wild White is that days 16:31 7