Asset accounts are properties or economic resources held by a business with three key attributes:

a. The transaction to acquire the asset will be settled within 30 days, the company has a pre-established delivery date, and a future benefit exists for the company

b. A present obligation of a past event, requires future settlement, and the company maintains legal title to the asset

c. The transaction to acquire the asset has occurred, the company has legal title to the asset, and a future benefit exists for the company as it is used in operations

d. Represents investments made by the owner, requires future settlement, and the company maintains legal title to the asset