Which of the following statements is incorrect?
Group of answer choices
A chart of accounts is a listing of the accounts used by a business.
Account titles for the chart of accounts are used in general journal entries.
Stockholders' Equity is an account that is included in the chart of accounts.
New accounts can be added to the chart of accounts.
Stockholder's Equity is not an account, rather it's a head of the balance sheet under which retained earnings account, common stock account, treasury stock account, additional paid in capital account etc are recorded.
Therefore, the incorrect option is: Stockholders' Equity is an account that is included in the chart of accounts.
Which of the following statements is incorrect? Group of answer choices A chart of accounts is...
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