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3. Complete the sentences with the words from the box below.

Record, monetary terms, is summarized, accounting reports, are classified, communicating, profitable, users, operating costs, assumption

                  1. The results of the daily business activities are summarized in

                  1. One of the functions of an accounting system is to create a systematic ... of the daily business activity, in terms of money.

                  1. Transactions can be expressed in and be entered in accounting records.

                  1. Transactions and events into related groups or categories.

                  1. The classified information into accounting reports to meet the information

needs of decision makers.

                  1. The accounting process also involves ... information to interested parties.

                  1. From comparison of financial statements we can determine which company is more .. .

                  1. The persons receiving accounting reports are termed the ... of accounting information.

                  1. Managers need detailed information about daily

10. The information of reports must be presented in accordance with certain ground rules and ....