Bill kane is the owner of kane insurance agency. Kane must maintain separate records for his...

Bill kane is the owner of kane insurance agency. Kane must maintain separate records for his personal transactions and his business transactions. True or false? Explain your answer

Expert Solution

True. Kane should maintain separate records for his personal transactions and business transactions. the general rule of accounting also specifies that personal transactions should not be mixed with business transactions since it will not give a true and fair view . Moreover, if we see from legal point of view, Insurance agency and Bill kane are regarded as two different entities and accordingly they have to maintain different records for each.

ekkarill92 answered 2 years ago

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