Which statement is incorrect?
A) A chart of accounts is a listing of accounts used by a business.
B) New accounts can be added to the chart of accounts.
C) Stockholders' Equity is an account that is included in the chart of accounts.
D) Account titles for the chart of accounts are used in general journal entries.
Correct Answer:
Verified
Q121: The procedure of transferring journal entries to
Q139: Posting
A) should be performed in account number
Q179: A company that receives money in advance
Q181: Equipment costing $20,000 machine is purchased by
Q183: The ledger accounts are typically arranged in
A)chronological
Q184: A ledger
A)contains only asset and liability accounts.
B)is
Q187: A chart of accounts for a business
Q189: Equipment costing $20,000 is purchased by paying
Q195: Typically the chart of accounts begins with
A)asset
Q200: The principal purpose of posting is to
A)help
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents