(Objectives 18-3, 18-6) Explain the relationship between tests of the acquisition and payment cycle and tests of inventory. Give specific examples of how these two types of tests affect each other.
Objective 18-3
Understand internal control, and design and perform tests of controls and substantive tests of transactions for the acquisition and payment cycle.
Objective 18-6
Design and perform tests of details of balances for accounts payable, including out-of-period liability tests.
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