TheConceptual Frameworkdefines assets and outlines a number of criteria for their recognition. Shiny Shoes Ltd has a number of items, outlined below. For each of the items listed, identify via the drop-down menu whether or not you would recognise it as an asset in the statement of financial position.

(a)Large inventory of shoes.

Asset

Not an asset

(b)One antique boot in a display cabinet donated by a customer. The boot looks nice in the store and is a talking point; however, it has no commercial value as the other boot is missing.

Asset

Not an asset

(c)Shoes held on consignment.

Asset

Not an asset

(d)Three staff members.

Asset

Not an asset

(e)Shelving to display shoes.

Asset

Not an asset