I don't know if that is completely correct. For me when I log in as a mod or an admin and click today's posts or new posts I can see each post which a little icon next to it tell me that this post needs to be moderated. However, I never use this method of moderation because there could be a post that I might have missed and as it isn't a 'new' post it won't show up and will get lost as new posts come in.
I always log into the admin or mod CP and moderate posts individually. Its a better a way IMO
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