Select the INCORRECT option in respect of vouching and verification
1
Vouching verifies the validity of transactions, whereas verification confirms the existence and ownership of the items of balance sheet.
2
Vouching is related to transactions recorded in books, whereas verification relates to assets and liabilities.
3
Generally vouching is done throughout the year. and verification is carried out at end of year for audit.
4
Vouching includes valuation. whereas verification does not include valuation.