Home | | Auditing 12th Std | Verification of Liabilities

Auditing - Verification of Liabilities | 12th Auditing : Chapter 6 : Verification of Liabilities

Chapter: 12th Auditing : Chapter 6 : Verification of Liabilities

Verification of Liabilities

Liabilities are legal obligations of the organization to third parties.

VERIFICATION OF LIABILITIES


Introduction

Liabilities are legal obligations of the organization to third parties. It is in the form of Capital, Debentures, Long term loans, payment to suppliers against goods and expenses, contingent liabilities etc. Verification of liabilities is as important as verification of assets. If liabilities are not properly verified and valued, the Balance Sheet will not reveal a true and fair view of the state of affairs of a business concern. The main objective of verifying liabilities is to ensure that all the liabilities are properly disclosed, valued, classified and presented in the Balance Sheet. The diagram given below shows the various types and classifications of liabilities.


 

Tags : Auditing , 12th Auditing : Chapter 6 : Verification of Liabilities
Study Material, Lecturing Notes, Assignment, Reference, Wiki description explanation, brief detail
12th Auditing : Chapter 6 : Verification of Liabilities : Verification of Liabilities | Auditing


Privacy Policy, Terms and Conditions, DMCA Policy and Compliant

Copyright © 2018-2023 BrainKart.com; All Rights Reserved. Developed by Therithal info, Chennai.