There are several accounting terminologies that are used in practice and some of them have synonyms. Match the terms in column A with their synonyms in column B. Simply write the

number and the matching letter (e.g. 1. D).

1. Accounts payables

2. Turnover

3. Finance costs

4. Profit

5. Investor

(5 marks)

Column A

Column B

a) Lender

b) Interest expense c) Earnings

d) Debtors

e) Shareholder

f) Revenue

g) Creditors

h) Other income

1.2. What does the full set of financial statements comprise of?

1.3. List five potential users of financial statements and brief reasons why they would want to use the

financial statements.

(5 marks) (5 marks)