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Which of the following is correct regarding QBO COA

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Which of the following is correct?

Which of the following statements is not true regarding QBO subaccounts? Multiple Choice QBO automatically sets up Subaccounts commonly used by companies. QBO permits the use of Subaccounts which are useful in tracking additional detail. Subaccounts are essentially subcategories of an account Subaccounts are added by selecting New from the Chart of Accounts window and selecting the Category Type, ie. Expenses, then selecting Detail Type and entering in the Name. In QBO, account numbers are: Multiple Choice used to uniquely identify specific accounts but do not assist in identifying an account type Le. asset, liability, revenue, expense, and equity used to only identify an account type and the account name identifies the specific account, used to uniquely identify accounts and help identify an account type. a combination of being randomly assigned and assigned alphabetically buy the user of QBO. By customizing the QBO COA to align with the business tax return, countless hours are saved in preparation time, and tax returns are more accurate. QBO does not encourage editing of its COA since too many errors can be made by changing what was initially set up when the company was organized QBO does allow editing of the accounts in the COA, however, it only allows authorized users to make changes. QBO codes accounts for tax return preparation tracking QBO is not able to assist in tax return preparation and only requests legal entity status for COA account purposes. Changes to the COA are encouraged and should happen often. Profit and Loss Statement includes the following account types: Multiple Choice Assets, Revenues, Expenses and Liabilities. Assets, Revenues, and Owners' Equity. Expenses, Liabilities, and Owners' Equity Revenues and Expenses. Multiple Choice Balance sheet accounts are considered permanent accounts and these accounts have balances that are closed each year. Balance sheet accounts are considered permanent accounts and these accounts have balances that are carried forward from year to year Balance sheet accounts are considered temporary accounts and these accounts have balances that are carried forward from year to year Profit and Loss accounts are considered permanent accounts and these accounts have balances that are closed each year