If you have a checking account at a bank, the checking account is
A)an asset to you as well as an asset to the bank.
B)an asset to you, but a liability to the bank.
C)a liability to you, but an asset to the bank.
D)a liability to you as well as a liability to the bank.

Question

Quizplus · Accepted Answer

A checking account is an asset to you because it represents your money that you can use. For the bank, however, your checking account balance is a liability because the bank owes you that amount of money.

If You Have a Checking Account at a Bank, the Checking