Phil O'Keefe Is Opening a Small Sports Store in His

Multiple Choice

Phil O'Keefe is opening a small sports store in his town.At the advice of a friend who is a bookkeeper,he keeps the receipts of everything he purchases for the business in the bottom drawer of his desk,along with all other business expenses,such as his retail license,his rent expense,and insurance expense.You suggest that ________.

A) Phil continues with this procedure,but only until the store opens,at which time he will need an additional drawer for his sales transactions.
B) Phil invests some time in exploring an accounting system that will make it easier to classify and summarize accounting information.
C) Phil continues with this procedure because there is very little difference between one expense and another.
D) Phil stops wasting valuable time saving the receipts because accountants only record sales transactions.