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Which of the statements are true about the chart of accounts

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Reference no: EM132620879

Problem 1: Which of the following statements are true about the chart of accounts? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.)

Option 1: Different companies use different charts of accounts based on individual company need.

Option 2: The chart of accounts contains the balance of all of the accounts in a ledger.

Option 3: The chart of accounts should be ordered in a logical sequence based on type of account.

Option 4: The chart of accounts can be ordered in any sequence because they are not formal financial systems.

Reference no: EM132620879

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