[Solved] Valuation means

Valuation means

a) Calculating the value of assets

b) Checking the value of assets

c) Checking the physical existence of assets

d) Examining the authenticity of assets

Answer: (b) Valuation means checking the value of assets. Valuation means the estimation of various assets and liabilities. It is the duty of the Auditor to confirm that assets and liabilities are appearing on the balance sheet exhibiting their proper and correct value. In the absence of proper valuation of assets and liabilities, they will exhibit either overvalued or undervalued.

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