Sunday, 18 October 2009

Vouching and Verification Questions

How will you verify/vouch the following?
1. Purchase of quoted investment.
2. Discounted bill receivable dishonoured.
3. Amount due to subsidiary companies.
4. Purchase return.
5. Contingent Liabilities.
6. Excise Duty.
7. Recovery of Bad-debts written off.
8. Endowment Policies.
9. Advertisement expenses.
10. Goodwill.
11. Capital work-in-progress.
12. Wages paid to seasonal labourer.
13. Remuneration to directors.
14. Consignment sales.
15. Patent rights.
16. Royalties received.
17. Personal expenses of directors met by the company.
18. Preliminary Expenses.
19. Patents.
20. Advances given to suppliers.
21. Sales Commission Expenditure.
22. Stock lying with Third Party.
23. Purchase of Motor Car.
24. Sales Return.
25. Sale of junk material.
26. Deferred Tax Liability.
27. Repayment of amount of foreign loan for purchase of an asset.

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