Introduction To Accounting: Part 19: Verifiable Objective Concept

Nishant Kumar
28/06/2017 0 0
  1. The Verifiable Objective Concept holds that accounting should be free from personal bias.

  2. Measurements that are based on verifiable evidences are regarded as objectives.

  3. It means all accounting transactions should be evidenced and supported by business documents.

  4. These supporting documents are:

    1. Cash Memo

    2. Invoices

    3. Sales Bills, etc.

  5. These supporting documents provide the basis for accounting and audit.

Audit: It is an official inspection of an organisation’s books of accounts, typically by an independent body.

 

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