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Which of the following statements are part of the definition of Assets. (choose all that apply, not all parts of the definition may be presented

Which of the following statements are part of the definition of Assets. (choose all that apply, not all parts of the definition may be presented below) An asset must be able to be converted to cash, sold, or consumed within one year or one operating cycle (even if this is not actually done) An asset must be the result of past transactions or events An asset must be initially recorded at its fair market value An asset must be obtained or controlled by a particular entity An asset must provide definite future economic benefits

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