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October 2, 2014

Homework Help: accounting I

Posted by queen on Tuesday, July 17, 2007 at 3:21pm.

A friend of yours wants to start her own pet sitting business. She already has a business license that is required in her city. She has had a personal checking account for years. You have told her that she also needs to open a separate account for her business needs, but she does not understand why. Explain to her why she should have a business account separate from her personal account. Use some of the language of busines.

We'll be glad to critique your answer.


personal account: deals with your own personal money, which is not used for non-business purpose.
Business account:the money is has several ties to it, payroll,state taxes etc,,,

I think you mean that a personal account IS used for non-business purposes. You may want to mention other ties to business accounts, such as other taxes (federal), depreciation, other expenses (utilities, advertising, etc.)

I suggest you write out your answer in complete sentences, using paragraph format.

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