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  3. (a) we have discussed substantive tests for the ac

(a) We have discussed substantive tests for the acquisition and payment cycle. All acquisition and...

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Accounting

(a) We have discussed substantive tests for the acquisition and payment cycle. All acquisition and
payment transactions typically flow through accounts payable (AP). Provide examples of
substantive tests for AP by assertion, including completeness and cutoff. (b) For most
manufacturing, wholesale, and merchandising (retail) entities, inventory is a major component of
the balance sheet. Provide examples of substantive tests for inventory by assertion, including
existence, accuracy/valuation/allocation, completeness, and rights/obligations.

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