Some of the most frequently asked exam questions on verification and valuation of assets and liabilities are as follows: Q.1. What is meant by verification of assets and liabilities? State the object of such verification. Ans. The verification of assets and liabilities involves the consideration of the following points: 1. That each asset/liability is correctly stated in the balance sheet. [...]
In this article we will discuss about the verification of assets and liabilities in a bank: 1. Cash and Bank Balances 2. Deposits and Other Accounts 3. Acceptances, Endorsements and Other Obligations 4. Borrowings from Others 5. Loans and Advances 6. Investments 7. Bills Purchased and Discounted 8. Inter-Branch, Inter-Company, and Overseas Transactions 9. Money at Call and Short Notice. [...]
Some of the most frequently asked exam questions on investigation and audit of a limited company are as follows: Q.1. Enumerate the circumstances under which the Central Govt. may order 'investigation' of a limited company. Ans. The Companies Act., 1956, under its Section 237, states the specific circumstances when the Central Government may order for investigation into the affairs of [...]