1. 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.

2. Distinction between vouching and verification

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

4. Difference between vouching, verification and valuation

5. 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

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