If you have a checking account at a local bank, your bank account there is a(n)
A)asset to the bank and an asset to you.
B)liability of the bank and a liability of yours.
C)liability of the bank and an asset to you.
D)asset to the bank and a liability of yours.

Question

Quizplus · Accepted Answer

Your checking account is an asset to you because it represents your money that you can use. For the bank, it's a liability because they owe you the money in your account.

If You Have a Checking Account at a Local Bank