Exercise 1-b Answer the following items. Choose the correct answer from the list below; a. Analyzing d. Recording b. Classifying e.Reporting c. Summarizing f. Interpreting 1. The process of grouping of similar transactions and events together. 2. The process of explaining the relationships of the different items in the Financial statements. 3. The process of writing in the journal the effects, whether increases or decreases of the analyzed transactions & events. 4. The process of determining the effects on the different accounts of the documented transactions & economic events. 5. The process of preparing balance sheets, income statement, and Statements of cash flows