Explanation:
Standard costing is primarily a technique of cost control and performance evaluation, not just cost ascertainment. While it involves setting standards, its main purpose is to compare actuals with standards to find variances. S1 is incorrect, S2 is correct.
S1: Vouching is the examination of documentary evidence. S2: Verification is the proof of ownership, existence, and valuation of assets. Which statement(s) is/are correct?
Explanation:
Vouching involves checking vouchers to verify the authenticity of transactions. Verification goes beyond vouching to confirm the physical existence, legal ownership, and proper valuation of assets and liabilities at the balance sheet date. Both are correct.
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