Final answer:
Regarding merging entries in lists, it is NOT true that QuickBooks allows you to merge an expense account with an income account. Merging entries effectively combines names on a list, but you can only merge names of the same type.
Step-by-step explanation:
Regarding merging entries in lists, it is NOT true that QuickBooks allows you to merge an expense account with an income account. QuickBooks does not allow merging of accounts with different types such as expenses and incomes. This is because merging accounts with different types can lead to inaccurate financial reports and statements. Merging entries effectively combines names on a list, which means that duplicate entries are consolidated into a single entry. However, you can only merge names of the same type, which ensures that the resulting merged entry remains accurate and meaningful. Merging entries does not affect past transactions. The past transactions associated with the merged entries will still be preserved and will be reflected accurately in the financial records.