Process of verifying the documentary evidences of transactions are known as___________?
Correct answer: C. Vouching
- A. Auditing
- B. Testing
- C. Vouching
- D. Verification
Explanation
Vouching is the examination of documentary evidence supporting recorded transactions, such as invoices, receipts and vouchers. Verification more commonly concerns the existence, ownership and valuation of assets and liabilities.
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About Auditing
Auditing examines accounting records and financial statements to determine whether they present a reliable and fairly stated position. The subject covers audit objectives, internal controls, audit evidence, materiality, vouching, verification, working papers, auditor independence, audit reports, and the distinction between an audit and accounting or investigation.
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