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Question 23 Answer saved Marked out of 1.00 P Flag question Previous page Type here to search A Motor vehicle was purchased on June 1, 2012 for $400 000. It was expected to last for Four years. Management decided to depreciate the vehicle at the rate of 25% p.a. and expensed the cost of the asset over its useful economic life in the Statement of Profit an Time left 0:16:23 Statement. Identify the accounting concept or convention from the list shown that was adopted by management. Accrual Money measurement Prudence Consistency Answer: Accrual Next page Question 23 Answer saved Marked out of 1.00 P Flag question Previous page Type here to search A Motor vehicle was purchased on June 1, 2012 for $400 000. It was expected to last for Four years. Management decided to depreciate the vehicle at the rate of 25% p.a. and expensed the cost of the asset over its useful economic life in the Statement of Profit an Time left 0:16:23 Statement. Identify the accounting concept or convention from the list shown that was adopted by management. Accrual Money measurement Prudence Consistency Answer: Accrual Next page

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