Verification refers to_________?
Correct answer: A. Examining the physical existence and valuation of assets.
- A. Examining the physical existence and valuation of assets.
- B. Examining the journal and ledger
- C. Examination of vouchers related to assets.
- D. None of the above.
Explanation
Verification establishes that assets physically exist and are stated at appropriate values, while also commonly considering ownership and rights. Examining journals, ledgers, or vouchers alone is not complete verification.
Report an error
The more specific you are, the faster it gets fixed. A source beats an opinion.
Prefer email? support@testustad.com
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.
Practise Auditing
162 free Auditing MCQs from Accounting, each with the correct answer and an explanation. Unlimited attempts, no account needed.
Exams that ask Accounting questions like this
Accounting is on 2 papers prepared for on TestUstad, and all of them draw the same bank, so this question is worth knowing for every one of them.