If a Government Capitalizes Works of Art and Similar Assets

question 8

Multiple Choice

If a government capitalizes works of art and similar assets, which of the following statements is true relative to depreciation on the works of art and similar assets?

• A)Donated assets cannot be depreciated.
• B)All works of art must be depreciation, not just exhaustible.
• C)All exhaustible assets must be depreciated.
• D)The government may elect to omit all depreciation.

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Definitions:

Account Representative

An individual responsible for managing and maintaining the relationship between a company and its clients.

Retail Salesperson

An individual who sells goods or services directly to customers in a retail setting, assisting them in finding what they are looking for.

Sales Engineer

A sales engineer is a professional who sells complex scientific and technological products or services to businesses.

Order-Taker

An individual whose role is primarily to take customer orders without actively engaging in sales persuasion or additional selling activities.