Object of verification of assets
a) Physical verification of assets
b) Checking value of assets
c) Examining the authority of their acquisition
d) All of the above
Answer: (d) The object of verification is to satisfy the auditor as to existence, ownership, possession (in case of assets) or completeness (in case of liabilities), valuation and disclosure of items mentioned in the balance sheet.
More MCQ and Answers on Auditing
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