[Solved] Verification refers to

Verification refers to

a) Examination of journal and ledger

b) Examination of vouchers related to assets

c) Examining the physical existence and valuation of assets

d) Calculation of value of assets

Answer: (c) Verification refers to examining the physical existence and valuation of assets. Verification means checking whether the assets shown in the balance sheet are in the name of business, whether they exist or not, whether there is any charge on them etc.

More MCQ and Answers on Auditing

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  4. Internal audit is
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