Question: (a) All acquisition and payment transactions typically flow through accounts payable (AP). Provide examples of substantive tests for AP by assertion, including completeness and cutoff.

(a) 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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