1. The business credit card is being used for business and personal expenses; list the business...

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Accounting

1. The business credit card is being used for business andpersonal expenses; list the business and then the personal expensesfrom the statement. Address the accounting and ethical reasons forthis separation of expenses.
2. Dave takes advantage of cash discounts from vendors wheneverpossible. Address the business reason for this decision. Then,address the ethical ramifications if Dave would take the discountwhen paying outside the discount period.

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Answer 1 Accounting and Ethical reasons for Separation of Expenses a Tax implications The IRS allows business owners to claim deductions for businessrelated expenses such as travel and supplies but you must have the proper documentation to support it If your business is audited the IRS will look closely at each expense to verify that it is indeed related to the regular operation of the business When See Answer

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