Question:
Given below are two statements
Statement I: Vouching is a process of substantiating the occurrence of the transactions recorded in the books of accounts with reference to relevant documentary evidence.
Statement II: Verification is a process of substantiating existence of assets and liabilities with reference not only to relevant documentary evidence but it also includes forming an expert opinion on different aspects.
In the light of the above statements, choose the most appropriate answer from the options given below:
Given below are two statements
Statement I: Vouching is a process of substantiating the occurrence of the transactions recorded in the books of accounts with reference to relevant documentary evidence.
Statement II: Verification is a process of substantiating existence of assets and liabilities with reference not only to relevant documentary evidence but it also includes forming an expert opinion on different aspects.
In the light of the above statements, choose the most appropriate answer from the options given below:
Statement I: Vouching is a process of substantiating the occurrence of the transactions recorded in the books of accounts with reference to relevant documentary evidence.
Statement II: Verification is a process of substantiating existence of assets and liabilities with reference not only to relevant documentary evidence but it also includes forming an expert opinion on different aspects.
In the light of the above statements, choose the most appropriate answer from the options given below:
Updated On: Mar 15, 2024
- Both Statement I and Statement II are correct
- Both Statement I and Statement II are incorrect
- Statement I is correct but Statement II is incorrect
- Statement I is incorrect but Statement II is correct
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The Correct Option is A
Solution and Explanation
The correct answer is (A) : Both Statement I and Statement II are correct.
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