All companiare required by Canadian Auditing Standards to maintain a perpetual inventory system.

Question

Quizplus · Accepted Answer

Canadian Auditing Standards do not require companies to maintain a perpetual inventory system. However, they do require companies to maintain an inventory system that provides sufficient information to enable the preparation of financial statements in accordance with generally accepted accounting principles. This could include a perpetual inventory system, but other methods such as periodic inventory systems may also be acceptable.

All Companiare Required by Canadian Auditing Standards to Maintain a Perpetual