Collections Are Works of Art That Have Been Excluded from the Definition

question 21

Multiple Choice

Collections are works of art that have been excluded from the definition of capital assets. Which of the following statements is NOT a criterion which must be met before works of art qualify as collections under Canadian accounting standards?

• A) It must be possible to establish a useful life for the works and an appropriate amortization period.
• B) The works are held for public exhibition, education and research.
• C) They are protected, cared for, and preserved.
• D) They are subject to organizational policies that require any proceeds from their sale to be used to acquire other items for the collection, or for the direct care of the existing collection.

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Definitions:

Format Manipulators

Tools or methods in programming languages like C++ that are used to control the format, such as precision and width, of input/output operations.

Indirect Addressing

A method of addressing memory where the address of the data is held in another location, allowing for more dynamic data access and manipulation.

References

In programming, a way to indirectly access the value of a variable.

Object-oriented Program Design

Involves utilizing principles of object-oriented programming to create structured and modular programs using objects, classes, inheritance, polymorphism, and encapsulation.