Which of the Following Comments Best Describes the Accounting and Financial

question 14

Multiple Choice

Which of the following comments best describes the accounting and financial reporting guidelines for works of art and historical treasures?

• A) Governments should depreciate capitalized works of art and historical treasures that are considered exhaustible.
• B) Works of art and historical treasures may be capitalized, but they should never be depreciated under any circumstances.
• C) Works of art and historical treasures that must be held for public exhibition, must be protected, and the proceeds of any sales must be used to acquire more collections are always capitalized and depreciated.
• D) Works of art should only be valued at historical cost at the time of receipt.

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Definitions:

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