Question

Verification of assets involve __________.

• A. physical verification of assets
• B. verification of proper values of assets
• C. verifying that assets are free from any charge
• D. verifying that assets were aquired for the business
• E. all of the above

Answer 1

Answer: (E)

all of the above

Physical verification of assets need to be performed on time to time basis to have authenticity and accuracy of the assets as recorded in books of accounts. This process involves:

• Physical verification of assets
• Verification of proper value with accounting records
• Verification of charge if any
• Ensuring the business use of the assets