1. Explain the difference between substantive testing and internal control testing.

2. Complete the test column in the table below by replacing the bracketed text.

3. Complete the key internal control column in the table below by replacing the bracketed text.

Tests and Internal Controls \begin{tabular}{|l|l|l|l|} \hline Financial Statement & Test: Substantive Procedures to be Tested & Key Internal Control \\ \hline Long-TermDebtObligations & [Identify a test for this substantive procedure.] & [Identify one key internal control.] & [Identify one key internal control.] \\ \hline Accounts Payable & Vouch recorded purchase transactions to supporting vendor's \\ invoices, receiving documents, and purchase order. & [Identify one key internal control.] \\ \hline Inventory & [Identify a test for this substantive procedure.] & [Identify one key internal control.] \\ \hline Accounts Receivable & [Identify a test for this substantive procedure.] \\ \hline Cash & [Identify a test for this substantive procedure.] \\ \hline Fixed Assets & & \\ \hline \end{tabular}