Final answer:
The characteristic of an asset is that the company must be able to obtain the future benefit and control others' access to it; it does not need to contribute directly to future net expenses nor transact within the next year or operating cycle.
Step-by-step explanation:
When assessing the characteristics of an asset, it is crucial to identify certain criteria that qualifies a resource as an asset for a firm. Option 1) The company must be able to obtain the future benefit and control others' access to it, aligns with the basic definition of an asset, as it represents an item of value that a firm or an individual owns, and the firm has control over its use. An asset typically does not need to contribute directly to the company's future net expenses, nor does it have to transact within the next year or operating cycle, so option 3) and option 2) are not required characteristics. Instead, an asset must be able to provide some future benefit to the company, which could manifest through its ability to be used to produce other goods and services or help in producing future revenue.
When companies invest in an asset, whether tangible or intangible, they do so with the intention to gain benefits that will span beyond the immediate financial period. Firms have various ways to raise financial capital, such as borrowing from banks, issuing bonds, or selling stocks, and the decisions made in this respect also affect the nature and structure of the company's assets.