Which of the following statements is true?
A)To conserve resources,it is best if the owner uses one Checking account for both personal and business purposes
B)To maintain more consistent records,it is best if the owner maintains a separate personal Checking account,but both the owner's personal Checking and business Checking accounts are listed in the Chart of Accounts
C)To maintain separation between the personal and business accounting records,the owner's personal Checking account should not be used to pay bills for the business and should not be listed in the business' Chart of Accounts
D)None of the choices are correct

Question

Quizplus · Accepted Answer

To maintain clear and accurate accounting records, it is important to keep personal and business finances separate. This means the owner's personal checking account should not be used for business transactions and should not be included in the business's Chart of Accounts.

Which of the Following Statements Is True