Question 1 (Marks: 20) Q.1.1 Match-the-columns question: Match the term and description in Column A with the (10) correct description from Column B. In your answer booklet, write down only the question number and, next to it, the letter of the correct answer. Column A Column B Q.1.1.1 GAAP A Levied at a rate of 15%. Q.1.1.2 Drawings B First step in the accounting cycle. Q.1.1.3 Leading C Owner contributes money to business. Q.1.1.4 | VAT D Produces reports for internal use. Q.1.1.5 Profit E International Financial Reporting Standards. Q.1.1.6 Management, investors, F Produces reports for external suppliers, government use. Q.1.1.7 Relevance G An essential function of management Q.1.1.8 Transactions occur H Generally Accepted Accounting Principles Q.1.1.9 IFRS Owner takes money for own use. Q.1.1.10 Management Accounting Fundamental qualitative characteristic K Income - Expenses. Accounting standards MUsers of accounting information. 1