Read each statement carefully and fill in the blank(s) with the
correct answer. Answers may be more than one word

1. As a process, accounting starts by interpreting the data, followed by
recording the transactions, and then ____________ the financial reports
to interested users.
2. Accounting is recognized not only as a “language of business” but also
as a storehouse of _____________.
3. Accounting follows certain standards, it is also considered as
_____________.
4. Accounting does not deal with ____________ transactions.
5. Financial reports are important so that users will have a timely and
sound ________.