Please answer weather True it False .If False state why Brifley

6. There are two main types of adjusting entries: those relating to prepayments and those relating to accruals True False 7. If a publicl ly traded company in Canada has an internal audit function, it does NOT need to have external auditors. True False 8. Most companies use the accrual basis of accounting because it is required under generally accepted accounting principles. True False 9. A company's internal control system must be designed and maintained by its external auditors True False 10. Closing entries are necessary to transfer balances of temporary accounts to retained earnings True False