38) Adjasting entries that are made to reflect diffierences between the actual and reconded value Gf an asset or a change in accounting principle are called A) reconciliations B) revaluations C) estimates. D) accruals 39) Corrections are entries made to correct errors found in A) all journals. B) special journals. C) the general ledger. D) the financial statements. 40) Adjusting entries that are made to recognize revenue that has been received but ok yer earned are classified as A) estimates. B) deferrals. C) accruals. D) revaluations. 41) Marina Filimena is an accountant at Jasmina Hair Products, Marina received the following error message while making an adjusting entry to the general ledger: "The account mumber referenced in your journal entry does not exist. Create a new account?"This is an example of a A) validity check. B) closed loop verification. C) zero-balance check. D) completeness test. 42) IFRS stands for A) International Financial Reporting Standards. B) International Forensic Response System. C) International and Financial Reporting Statements. D) International Financial Recovery System. 43) Which of the following is true about IFRS? A) There is a global trend towards using IFRS for reporting purposes, though U.S. companies not currently required to do so. B) The switch to IFRS is required by the Sarbanes-Oxley Act. C) IFRS is only slightly different than U.S. GAAP. D) The switch to IFRS is cosmetic only-there isn't any real impact on AIS