11-35 LO 1 Match the following assertions with their associated descrip-
tion: (a) existence or occurrence, (b) completeness, (c) rights and obli- gations, (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.
3. Inventory is properly classified on the balance sheet and dis- closed in the notes to the financial statements.
4. Inventory balances include all inventory transactions that have taken place during the period.
5. The recorded balances reflect the true underlying economic value of those assets.