I am about to create Android Market Account. Lets say I have two accounts, account A and account B.
From the Google Play support site:
At this time, Google Play Android Developer account and the Google Checkout Merchant account must be the same Google Account address.
However, depending on your needs, you may well be satisfied with the workaround I use:
Technically that satisfies both of your requirements, with the caveat that both accounts can access Google Checkout.