(1) Make a list of your assets and explain why the items in your list meet the definition of an asset. Be sure to consider all the three aspects in the definition of an asset.

(2) Assess whether each item in the list qualifies for recognition in your personal statement of financial position. Explain why an item is or is not recognized. (Hint: Your old undergarment might meet the definition of an asset, but recognizing it might not provide useful information).