The owner of a sole proprietorship should not include personal financial records as part of the financial records and statements of the business.

Question

Quizplus · Accepted Answer

In a sole proprietorship, the business and the owner are legally considered the same entity, but for accounting and financial clarity, personal financial records should be kept separate from the business's financial records. This separation helps in accurate financial reporting, tax preparation, and financial analysis.

The Owner of a Sole Proprietorship Should Not Include Personal