An item can be reported as an asset if it passes three of the following tests. Select “yes” for these and “no” for the others.

(a) Item is valuable. [yes / no]

(b) Item is located in a building owned by the entity. [yes / no]

(c) Item is used by the entity. [yes / no]

(d) The entity has ordered the item. [yes / no]

(e) Item was acquired at a measurable cost. [yes / no]

(f) Item is owned or controlled by the entity. [yes / no]