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 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
C)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
D)None of the above

Question

Quizplus · Accepted Answer

Maintaining separate accounts for personal and business finances ensures clear and accurate financial records, which is crucial for accounting and tax purposes.

Which of the Following Statements Is True