QUICK STUDY QS 1-1 Understanding Accounting Choose from the following list of terms/phrases to best complete the following statements. a. Accounting b. Indentifying c. Recording d. Communicating e. Recordkeeping (bookkeeping) f. Technology g. Language of business h. Governmental _ 1. Reduces the time, effort and cost of recordkeeping while improving clerical accuracy. 2. business activities requires that we keep a chronological log of transactions and events measured in dollars. 3. is the recording of transactions and events, either manually or electronically