Asked by kylah perry on Jun 15, 2024
Verified
Businesses might want to have multiple checking accounts to provide various functions.What type checking account would a business NOT want to have?
A) Salaried Payroll
B) Operations related
C) Owner's personal expenses
D) Hourly Payroll
Checking Accounts
Bank accounts from which money can be withdrawn or transferred to others via checks, debit cards, or electronic methods.
Owner's Personal Expenses
Owner's personal expenses are costs that are not related to the business and are paid out of the owner's personal funds, not the business accounts.
- Understand the implications of creating and managing multiple checking accounts for different business functions.
Verified Answer
YZ
Yihao ZhangJun 19, 2024
Final Answer :
C
Explanation :
A business should not have a checking account dedicated to the personal expenses of the owner. Business expenses and personal expenses should be kept separate for accounting and tax purposes. The other three options are all common types of checking accounts that a business might have for various functions.
Learning Objectives
- Understand the implications of creating and managing multiple checking accounts for different business functions.