6. When closing the books of a corpontion, the Profit \& Loss account is closed to an account called "Retained Earnings." True or False 7. Assets are typically recorded on the balance sheet at their Fair Market Value. True or False 8. An independent accountant certifies that after reviewing and auditing each of a company's transactions, the financials are consistent with genemilly accepted accounting principles. True or False 9. A company using the periodic inventory method, needs to do special closing like entries that mirror the Cost of Goods Sold formula True or False 10. Whether a company provides services or sells goods as their main business purpose, the income statement is virtually identical True or False 11. Applying the materiality principle means that the financial statements do not have to be accurate "to the penny." True or False