Adjusting entries that are made to reflect differences between the actual and recorded value of an asset or a change in accounting principle are called

Users of an issuer's financial statements demand independent audits because:

a. Users demand assurance that fraud does not exist b. Management may not be objective in reporting c. Management relies on the auditor to improve internal control d. Users expect auditors to correct management errors

Dr. Ruiz shares equal responsibility and liability with her colleagues in their medical practice. What kind of partnership is her practice?

(A) Sole proprietorship (B) Limited liability partnership (LLP) (C) Limited partnership (D) General partnership