Question

Complete the following sentences with appropriate words:
(a) Information in financial reports is based on $...................$.
(b) Internal users are the $...................$ of the business entity.
(c) A $...................$ would most likely use an entities financial report to determine
whether or not the business entity is eligible for a loan.
(d) The Internet has assisted in decreasing the $...................$ in issuing financial
reports to users.
(e) $...................$ users are groups outside the business entity, who uses the
information to make decisions about the business entity.
(f) Information is said to be relevent if it is $...................$.
(g) The process of accounting starts with $...................$ and ends with $...................$.
(h) Accounting measures the business transactions in terms of $...................$ units.
(i) Identified and measured economic events should be recording in $...................$ order.

Answer 1

Complete the following sentences with appropriate words:

(a) Information in financial reports is based on Economic .

(b) Internal users are the  Management/Employees of the business entity.

(c) A  Creditor would most likely use an entities financial report to determine  whether or not the business entity is eligible for a loan.

(d) The Internet has assisted in decreasing the Time-gap in issuing financial

reports to users.

(e)  External users are groups outside the business entity, who uses the

information to make decisions about the business entity.

(f) Information is said to be relevent if it is Free from bias.

(g) The process of accounting starts with Identifying the transactions and communicating information and ends with .

(h) Accounting measures the business transactions in terms of  Monetary units.

(i) Identified and measured economic events should be recording in Chronological order.

Answer 2

Answer:

Explanation:

(a) economic transactions.

(b) management/employees

(c) creditor

(d) time-gap

(e) External

(f) free from bias

(g) identifying the transactions, communicating information

(h) monetary

(i) chronological