Accounting

Meaning of Vouching Voucher is known as the evidence for the support of a transaction in the books of account. It may be a bill,…

Significance of Vouching Vouching is the act of checking evidential documents to find out errors and frauds and to know the authenticity, accuracy, and reliability…

Vouching helps to prove the truth and fairness of account by detecting errors and frauds. It is known as the evidence for the support of a…

Vouching of a cash transaction is the most important job of an auditor. It is the essence of the Auditing. The object of vouching is to…

Concept of Audit of Impersonal Ledger Impersonal ledgers are also called General Ledgers or Nominal Ledgers. Impersonal accounts refer to real accounts and nominal accounts which are related…

Auditor’s general Duty on Capital Expenditure and Revenue Expenditure Demarcation of capital expenditure and revenue expenditure is an important function of an accountant because such…

Concept of Valuation Valuation is the act of determining the value of assets and critical examination of these values on the basis of a normally…

Concept of Verification  Verification means proving the correctness. One of the main work’s of an auditor is verification of assets and liabilities. It is the…

Assets and liabilities are very important aspects of the business. Verification means the inspection of assets appearing in financial statements, whether the assets are according…

Some Common Methods of Valuation of Assets Asset valuation is the process of determining the current value of company assets, such as stocks, buildings, equipment,…

Dissimilarities between Valuation and Verification of Assets Valuation and verification of assets are complementary to each other. Valuation implies significant assessment and testing of determined…

Common dissimilarities between Verification and Vouching Verification is made on the basis of vouching. So, verification is a part of vouching. Verification means “to validate”…