To get you started thinking about interpreting the FASB definition, for each asset listed below indicate how and/or why it meets the definition of an asset. Be sure that each of the factors in the definition is addressed in your answer. I am providing a table to assist you in responding.

Part I
Item	Future period	Economic Benefit	Prior Transaction or Event
Cash
Accounts Receivable
Inventory
Equity Investment
Building
Land
Patent
Research/Development