Which Statement Is Incorrect

question 118

Multiple Choice

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.

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Definitions:

Occupational Mobility

The ability of individuals to move between different job positions or career paths, often as a measure of socioeconomic flexibility and opportunities.

Janitor

A person employed to clean and maintain buildings, such as schools, offices, and residential complexes.

Canadians

Citizens of Canada or individuals residing in Canada, characterized by a diverse range of cultural backgrounds and identities.

Owe

The obligation to pay back a debt or return a favor to someone who has provided a loan, service, or benefit.