a) Write concise explanatory notes on the following accounting concepts/terms: i. Auditing (2) ii. Taxation (2) iii. Financial accounting (2) iv. Management accounting (2) v. Internal auditor (2) vi. External auditor (2) b) Identify any four (5) users of financial statements and briefly explain the type of information needed by the users. (10) c) List any three (3) fundamental qualitative characteristics of Financial Statements. (3)

d)The following information relates to Independence Traders December 31, 2016

Net Property plant and equipment 2 933 000 Accounts receivable 2 067 000 Cash 1 756 000 Long-term liabilities 1 019 000 Current liabilities 2 158 000 Common equity 4 387 000 Other current assets 743 000 Inventories 1 506 000 Other long-term assets 626 000 Accounts payable 2 067 000

Use the information provided above to: i. Construct the Balance sheet of Independence Traders as at December 31, 2016 (10) ii. Identify the firms total assets and net working capital (10) iii. Comment on Independence Traders financial position (2) e) Use the cost based method to calculate the price per unit for a small business with variable cost per unit of N$20, N$550 000 fixed costs, desired sales mark-up of20% and expected sales of 100 000 units