Think about interpreting the FASB definition, for each asset listed below indicate how and/or why it meets the definition of an asset. Be sure that each of the factors in the definition is addressed.

Item	Future period	Economic Benefit	Prior Transaction or Event
Cash
Accounts Receivable
Inventory
Equity Investment
Building
Land
Patent
Research/Development

Answer rating: 100% (QA)

Assets are probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events Definition of cash assets assets consisting of cash and items read... View the full answer