Exercise 1-1 Classifying activities refle in the accounting system C Classify the following activities as part of the Identifying, Recording, or Communicating aspects of accounting. 1. Analyzing and interpreting reports. 2. Presenting financial information. 3. Keeping a log of service costs. 4. Measuring the costs of a product. 5. Preparing financial statements. 6. Acquiring knowledge of revenue transactions. 7. Observing transactions and events. 8. Registering cash sales of products sold. Exercise 1-4 Learning the language of business C1 C2 Match each of the descriptions with the term or phrase it best reflects. A. Audit B. GAAP C. Ethics D. FASB E. SEC F. Public accountants G. Net income H. IASB