Audit tests include tests of controls and substantive procedures. Substantive procedures can be divided into substantive analytical procedures, tests of balances, tests of transactions and tests of disclosures.

Required:

For each test in the table below, select the type of audit test it represents.

	Test	Type of Test
1	Examine the financial report to determine whether all related-party loans are properly presented.
2	Recalculate depreciation figure.
3	Trace sales recorded in the sales journal to shipping documents.
4	Examine sales invoices for initials to indicate that prices and extensions have been checked.
5	Check the cost of closing inventory to subsequent sales prices.
6	Confirm loan balances with financial institutions.
7	Compare wages expense to the previous year and budget.