For reporting purposes,the personal assets and debts of a business owner should be combined with the assets and debts of the business.

Question

Quizplus · Accepted Answer

Personal assets and debts should be kept separate from the assets and debts of a business for reporting purposes. Combining them could lead to inaccurate financial statements and misrepresentation of the business's financial standing.

For Reporting Purposes,the Personal Assets and Debts of a Business