Verification of assets and liabilities Verification means procedures normally carried out at the year end, to confirm the ownership, valuation and existence of items at the balance date.

Distinction between vouching and verification

Valuation of assets Cost price Market price Replacement cost Book value Going concern value Realisable value Scrap value

Difference between vouching, verification and valuation

Verification and valuation of different assets 1. Intangible assets Goodwill Patents Copy rights Trade marks Fixed assets Land and building Plant and machinery Motor vehicle Floating assets Cash in hand Cash at bank Bills receivables Debtors

Verification and valuation of different liabilities Capital Debentures Bills payables Loans Outstanding liabilities Contingent liabilities