Elements of the Balance sheet-Assets The inclusion of Assets probabl acknowledges Probable future that accounting economic benefit obtained or controlled s not an exact science by a particular entity as a result of past transactions or eventsElements of the Balance Sheet — Assets Assets Probable future economic benefit obtained or controlled by a particular entity as a result of past transactions or events The inclusion of “probable” acknowledges that accounting is not an exact science. Intermediate Accounting 3 The Balance Sheet and Statement of Changes in Stockholders’ Equity