Question

Difference between verification and valuation of assets and liabilities

Answer 1

Valuation. Meaning: It means testing the accuracy of the valuation of theassets and the liabilities according to the accepted accounting principles. Objects: It is done to ensure that the Balance Sheet shows a true and fair view of the financial position of the organization. ... Nature: Valuation is subjective.

Answer 2

Valuation. Meaning: It means testing the accuracy of the valuation of theassets and the liabilities according to the accepted accounting principles. Objects: It is done to ensure that the Balance Sheet shows a true and fair view of the financial position of the organization. ... Nature: Valuation is subjective.