The conceptual framework defines assets as: "Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events." In addition, to be recognized m the financial statements, an item must be "measurable with sufficient reliability." For each item below, identify whether or not the item described would be recorded as an asset, if "No" identify in the next column which characteristic of an asset does not apply. If "Yes" identify an account name that would typically be used to record this asset