Question: Why is setting a closing date in QuickBooks a good practice?

1. Sensitive data is safeguarded after the close date, since access is password protected.
2. After reports have been printed, changes cannot be made to transactions before the closing date without a password.
3. After the close date, only certain users are allowed to access data for reporting purposes.
4. It does not allow users to look at data after the period has closed.

Answer: The correct answer of the above question is Option B:After reports have been printed, changes cannot be made to transactions before the closing date without a password.