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I just bought a new car for my personal use!
I think it should be fine if I put it with my business expenses
HEY! Stop what you are doing right now!
Who are you?
I'm the accounting police
Well what seems to be the problem, sir?
Have you ever heard of the GAAP Business Entity Concept?
No, I haven't, what is it?
The Business Entity Concept is when the accounting for a business is kept separate from personal affairs. So you shouldn't put your personal car with your business accounting if it not your company car. I'll let you off with a warning.
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