that an automated purchasing system can perform. 11-3 LO 1 Match the following assertions with their associated descrip- tion: (a) existence/occurrence, (b) completeness, (c) rights and obliga- tions, (d) valuation or allocation, (e) presentation and disclosure. 1. The company has title to the inventory as of the balance sheet date. 2. Inventory balances exist at the balance sheet date. nventory, Goods and Services, and Accounts Payable: The Acquisition and Payment Cycle 3. Inventory is properly classified on the balance sheet and disclosed in the notes to the financial statements. 4. Inventory balances include all inventory transactions that have taken place during the period. 3. The recorded inventory balances reflect the true underlying economic value of the inventory assets. 11-4 LOT Match the following assertione with their crociated deset description