NCEA Level 2 Accounting Practice Questions - NCEA Level 2 Accounting (NZQA Assessment Standards 91174, 91176, 91177) Exam

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A business purchased delivery equipment five years ago for $40,000. Even though its current market value is $15,000, its initial transaction record remains based on $40,000. Which concept justifies this?

Historical Cost concept Accrual Basis concept Monetary Measurement concept Accounting Entity concept

Correct Answer:

Historical Cost concept

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