Question

The financial activities of a business and the financial activities of the owners should be _______________________ a. Combined in the firms accounting recordsb. reported in different parts of the firms accounting recordsc. combined only if the owner wants them to be.d. kept totally and completely separate

Answer 1

d. kept totally and completely separate

Step-by-step explanation:

The financial activities represent the cash inflows and the cash outflows or we can say the cash flow statement which comprises of operating activities, investing activities, and the financing activities.

The business's financial activities and the owners' financial activities should be separated. According to the accounting principle, any important information should not be disclosed and this is a financial activity that is to be kept separate from the business.