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.)

• Different companies use different charts of accounts based on individual company need.
• The chart of accounts contains the balance of all of the accounts in a ledger.
• The chart of accounts should be ordered in a logical sequence based on type of account.
• The chart of accounts can be ordered in any sequence because they are not formal financial systems.