Asked by
Robert Phillips
on Nov 15, 2024
Verified
For a private company reporting under ASPE, adjusting entries must be prepared at least quarterly.
Private Company
A business entity owned by private investors, shareholders or owners, and not publicly traded on stock exchanges.
ASPE
A collection of accounting principles for private corporations in Canada.
Quarterly
Occurring every three months or four times a year.
- Learn about the critical nature and implications of adjusting and closing entries on financial statements.
Verified Answer
AV
Learning Objectives
- Learn about the critical nature and implications of adjusting and closing entries on financial statements.