Question

Thomas is an entertainer for children’s parties. He runs the business and works the parties himself. Hejust uses his personal checking account to keep track of his deposits and debts. Is this adequateaccounting?
(1 point)
Yes, he knows what each transaction is.
Yes, there are records of every transaction.
No, he needs specific records of business transactions.
No, checking accounts do not document all transactions.
A)
Thomas is an entertainer for children’s parties. He runs the business and works the parties himself; hehas no debts so the finances are simple. What is the minimum that needs to be documented in hisaccounting?
(1 point)
income, expenses, and taxes
assets, investments, and equity
income, investments, and taxes
equity, investments, and assets

Answer 1

1) No, he needs specific records of business transactions.

2) income, expenses, and taxes.