During the accounting period, it is noted that the Cash account has a credit balance. Which statement is true?

a. This is the normal balance for cash.

b. Although cash has a debit balance, it will often have a credit balance during the accounting period due to payments on account.

c. The account needs to be analyzed to determine the reason for the credit balance.

d. Debit postings exceed the credit postings for the accounting period.

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.