$($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$.$