Match the following assertions with their associated description: (a) existence/occurrence
(b) completeness
(c) rights and obligations
(d) valuation or allocation
(e) presentation and disclosure.
1. The recorded balances reflect the true underlying economic value of those liabilities.
2. Accounts payable balances include all accounts payable transactions that have taken place during the period.
3. The company actually owes a liability for the accounts payable as of the balance sheet date.
4. Accounts payable is properly classified on the balance sheet and disclosed in the notes to the financial statements.
5. Accounts payable balances exist at the balance sheet date.