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Standard XI

Accountancy

Qualitative Characteristics of Accounting

Consider the ...

Question

Consider the following activities.
1. Valuation
2. Verification
3. Vouching
The correct sequence of these activities undertaken by an auditor will be _________.

3, 1 and 2

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3, 2, and 1

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2, 3 and 1

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1, 2 and 3

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Solution

The correct option is C 3, 1 and 2
Auditor has to verify each of the transaction while conducting the audit. There is a set of process of conducting the audit.
Below should be the sequence of activities:
Vouching- All vouchers are to be verified with due supporting documents.
Valuation- Valuation of different items of assets and liabilities to be done.
Verification- In last, physical verification of all assets and inventory need to be done.

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Similar questions

Q. Consider the following activities:
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2. Verification
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The correct sequence of these activities undertaken by an auditor is :

Q. Tick mark the correct answer.
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3

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Q. The auditor is generally expected to carry out the following in a particular serial:
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Select the correct answer from the codes given below.

Q. A reaction takes place in three steps with an individual rate constant and activation energy, as given below.
Rate constant Activation energy
Step 1

k_{1}

E_{a_{1}} = 180 k J / m o l

Step 2

k_{2}

E_{a_{2}} = 80 k J / m o l

Step 3

k_{3}

E_{a_{3}} = 50 k J / m o l

And overall rate constant,

k = {(\frac{k_{1} k_{2}}{k_{3}})}^{2 / 3}

.
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Consider the following activities. 1. Valuation 2. Verification 3. Vouching The correct sequence of these activities undertaken by an auditor will be _________.

Consider the following activities.
1. Valuation
2. Verification
3. Vouching
The correct sequence of these activities undertaken by an auditor will be _________.