Which description is a characteristic applied in determining whether or not to classify an item as an asset on the balance sheet?

1. The item must be in use at the balance sheet date to be included as an asset.
2. All items from which the business expects to gain an economic benefit from and which it has control over should be included as assets.
3. If the item has put into use, having taken ownership of it prior to the year end, unless it has also been paid for then it should not be included on the balance sheet.
4. If the asset is sold in between the balance sheet date and the date on which the accounts are actually prepared, then it should not be on balance sheet.