Works of art and historical treasures purchased by the general fund should be reported as:

Name: Works of art and historical treasures purchased by the general fund should be reported as:
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Works of art and historical treasures purchased by the general fund should be reported as assets (I) and not as expenditure (II). However, they should also be disclosed in the notes to the financial statements as a part of the government's long-term investments (II). Therefore, both I and II are correct statements.

Works of Art and Historical Treasures Purchased by the General