
Answer.
Obtain a complete list of outstanding liabilities from a responsible official.
Scrutinize the list carefully to make sure that expenses for the entire year have been accounted for.
Scrutinize list of old advances outstanding on the asset side to make sure that these do not represent expenses paid but not properly accounted for when bills were received subsequently.
Check the minutes book to locate any liability undertaken which have not been provided for.
Compare the list of outstanding liabilities with the previous year.
Obtain a certificate from a competent official that all liabilities for expenses have been provided.
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