Some of the most frequently asked exam questions on verification and valuation of assets and liabilities are as follows: Q.1. What is meant by verification of assets and liabilities? State the object of such verification. Ans. The verification of assets and liabilities involves the consideration of the following points: 1. That each asset/liability is correctly stated in the balance sheet. [...]
In this article we will discuss about the checklist for the verification of assets and liabilities of a company:- 1. Copyright 2. Royalty 3. Travelling Expenses 4. Loans on Mortgage 5. Bank Overdraft 6. Loan to a Director 7. Investment in Shares 8. Plant and Machinery 9. Secured Loans 10. Preliminary Expenses 11. Leasehold Mining Rights 12. Railway Siding 13. [...]
In this article we will discuss about the valuation and verification of assets and liabilities of a business. Valuation of Assets and Liabilities of a Business: The processes of routine checking and vouching would only substantiate transactions as they occur from day to day and confirm the acquisition of assets or assumption of liabilities at the first instance but the [...]