Thomas is an entertainer for children’s parties. He runs the business and works the parties himself. He just uses his personal checking account to keep track of his deposits and debts. Is this adequate accounting?

Question

Thomas is an entertainer for children’s parties. He runs the business and works the parties himself. He just uses his personal checking account to keep track of his deposits and debts. Is this adequate accounting?

A: Yes, he knows what each transaction is.
B: Yes, there are records of every transaction.
C: No, he needs specific records of business transactions.
D: No, checking accounts do not document all transactions.

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1 answer
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Answer 1

Bot GPT 3.5 answered
7 months ago