This preview shows page 1. Sign up to view the full content.
Unformatted text preview: owing.
1. Should you combine personal assets/liabilities with those of the business, or
should the two sets of records be kept separate? Why? Which accounting
concept or principle provides guidance?
Keep your business’s accounting records separate from your personal records so that
you can evaluate the success or failure of the business. If your personal records get
mixed up with your business’s accounting records, it may become difficult to tell how
well the business is performing (entity concept).
2. At what amount should you record assets and...
View Full Document
- One '13