1141. The following should be used to support purchase returns:

A. Bought notes
B. Credit notes *
C. Goods inwards book
D. Cash book

1142. Payment for bills should be vouched with the help of :

A. Debtor’s statement
B. Creditor’s statement
C. Bills Returned *
D. Bills with the suppliers

1143. Verification refers to :

A. Examination of journal and ledger
B. Examination of vouchers related to assets
C. Examining the assets’ physical existence and value
D. Calculation of value of assets

1144. Object of verification is :

A. Physical verification of assets
B. Checking value of assets
C. Examining the authority of their acquisition
D. All of the above *

1145. Which one of the following assertions is true?

A. Verification involves valuation *
B. Verification is a part of valuation
C. Auditor is a valuer
D. Valuation is unrelated to verification.

1146. Stock should be valued at :

A. Cost
B. Market Price
C. Cost or market price, whichever is lower *

1147. Valuation means:

A. Calculating value of assets *
B. Checking the value of assets
C. Checking the physical existence of assets
D. Examining the authenticity of assets

1148. ” A valuer is not an auditor, as stated in:

A. Kingston cotton mills case *
B. London and General bank case
C. Les V. Neuchatel co ltd case
D. London oil storage co case

1149. Fixed assets are valued at :

A. Cost
B. Market price
C. Cost or the lower of the market price or both
D. Cost less depreciation *

1150. Plantation products are valued at :

A. Cost
B. Market Price
C. The cost or the lowest price on the market
D. Net amount subsequently realised *