Which of the following statements is incorrect?

In the new versions of Excel, the worksheet is a matrix of cells with $1,048,576$ rows by $16,384$ columns, and each cell is referred to by a column letter and a row number.

The #NAME error occurs in Excel when the program does not recognize a number in your formula due to an error in typing.

All the answers are correct except one.

In order to see underlying formulas in your Excel worksheet or switch between displaying formulas and their results, Press CTRL $+`($grave accent$).$

Each cell in an Excel worksheet can be thought of as a miniature word processor and text can be entered directly into the cell and then formatted in a variety of ways.