Question
Verbal Reasoning Question on Statements and Inferences
Given below are two statements
Statement I: Vouching is a process of substantiating the occurrence of the transactions recorded in the books of accounts with reference to relevant documentary evidence.
Statement II: Verification is a process of substantiating existence of assets and liabilities with reference not only to relevant documentary evidence but it also includes forming an expert opinion on different aspects.
In the light of the above statements, choose the most appropriate answer from the options given below:
Both Statement I and Statement II are correct
Both Statement I and Statement II are incorrect
Statement I is correct but Statement II is incorrect
Statement I is incorrect but Statement II is correct
Both Statement I and Statement II are correct
Solution
The correct answer is (A) : Both Statement I and Statement II are correct.