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Which accounting principle requires keeping personal information separate from the financial information of business?

Entity Concept


How do you answer 'describe a situation you feel you should have handled differently'?

How about:I once posted a question that requires a personal answer on an internet Q&A site.


Where can you get a business credit card with no credit and no personal guanratee?

Obtaining any type of credible business credit card generally requires a good credit history.


Where can one find information about VOIP small business?

Two popular VoIP providers that offer personal and small business targeted plans are Skype and GoToMeeting. While GoToMeeting requires payment, Skype is completely free for personal use, and very cheap for business use.


What are the requirements to obtain a business license?

"The requirements to obtain a business license and/or permit varies from state to state as well as the type of business you wish to open. Generally, it requires you to provide personal information and proof of your ability to own such a business."


What accounting principle requires Marsha to keep her personal financial information separate from the financial information?

The accounting principle that requires Marsha to keep her personal financial information separate from her business financial information is the Entity Concept, also known as the Business Entity Principle. This principle states that a business's financial activities must be accounted for separately from the personal financial activities of its owners or stakeholders. By adhering to this principle, Marsha ensures clarity and accuracy in her financial reporting, thus providing a true representation of the business's financial position.


What does the Situation Analysis require in addition to Internal and External Analysis?

A situation analysis requires a SWOT analysis which helps to identify internal Strengths and Weaknesses as well as external Opportunities and Threats. It also requires a clear understanding of the current market conditions, industry trends, and competitive landscape to provide a comprehensive view of the business environment.


What does he think about the current situation?

He believes that the current situation is concerning and requires immediate attention.


Do business credit cards report on your personal fico score?

Business Credit CardYep. As long as its your social security number tied to the card and you own the business, the payments you make on behalf of your business card are reported. Business cards typically have larger credit lines so you can handle your business expenses with ease. Keep in mind that some business credit cards may require your social security number but does not report to your personal credit files. For example, Elan Financial issues a business credit card for many banks and while the credit application requires a personal credit check the debt only reports to your personal credit reports in the even of default.


Why are business checks so expensive?

Business checks are expensive because they are customized with security features to prevent fraud, such as watermarks, microprinting, and special inks. Additionally, the printing process for business checks is more complex and requires higher quality materials compared to personal checks.


Does federal law requires every business to have a first aid kit?

Federal law requires every business to have a first aid kit on premises.


What mathematics classes are generally needed for an accounting degree?

An accounting degree requires a very strong background in math. Depending on the desired degree some required classes may be Elementary and Financial Accounting, Intro to Business, Human Relations in Business, Business Law, Business Communication, Marketing, Business Mathematics, Personal Finance, Microcomputer Software Applications and Macroeconomics.