Each of the following five cases illustrates specific control activities from a client's revenue cycle (accounts receivable/sales).For each of the procedures,(a)identify which management assertions apply and (b)what potential category of errors and frauds can be prevented. 
Definitions:
American Put Option
An American put option is a financial derivative that gives the holder the right, but not the obligation, to sell a specified quantity of an asset at a predetermined price before or on the option's expiration date.
Underlying Asset
The fundamental asset upon which financial derivatives and instruments, such as options and futures, are structured and valued.
Call Contract
A financial contract that gives the buyer the right, but not the obligation, to buy an asset or security at a predetermined price within a specific time period.
Premium
The additional amount above the nominal or face value that an investor pays to buy a security or the cost to purchase an insurance policy.
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