If you have a checking account at a local bank, your bank account there is
A) an asset to the bank and an asset to you.
B) a liability of the bank and a liability of yours.
C) a liability of the bank and an asset to you.
D) an asset to the bank and a liability of yours.

Question

Quizplus · Accepted Answer

Your checking account is a liability for the bank because they owe you that money, and it is an asset for you because it is money you own.

If You Have a Checking Account at a Local Bank