QUESTION 3 [10 marks]

Refer to the scenario below and answer questions provided.

future accountants were trained by being apprenticed or articled to a practising accountant.

Required:

1. Explain what accounting theory construction approach is evident in the above statement and whether it is inductive or deductive in nature.
   3. marks)
2. Critically and clearly reflect on two weaknesses of the approach.
   3. marks)
3. Use the approach from (a) to construct a theory about which depreciation method accountants prefer.

(4 marks)