Question

Verification Indicates the
a) Examine the journal and ledgers
c) Examine the assets existence and valuation
b) Examine the assets related to vo
d) Calculating of asset value​

Answer 1

The correct answer is B) Examine the existence and valuation of the assets

Verification suggests checking whether or not the assets shown within the record are in the name of business,

• whether or not they exist or not, whether there's any charge thereon and so on Valuation means deciding the correct values of assets and liabilities shown in the balance sheet A.
• Verification means the act of reassuring the correctness importance of assets and liabilities in the organization.
• It refers to the examination of proof of title and their existence or confirmation of assets and liabilities on the date of record
• The Verification method provides proof that the system or system element performs its supposed functions and meets all performance necessities listed within the system performance specification and useful and allotted baselines.
• Verification proves the existence, possession and title of assets.
• Valuation certifies the right price of the touching is completed once the original entry is in the books of accounts.
• Verification and valuation are done at the top of the money year.

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