What type of property is not considered part of the government’s assets?

Contractor acquired property is correctly identified as property that is not considered part of the government’s assets. This type of property is acquired by the contractor for performance of the government contract and is not owned or provided by the government. As a result, it is not included in the government's asset inventory because it is under the contractor's ownership and control rather than being a government asset.

Government furnished property consists of assets provided by the government for the contractor’s use, thus belonging to the government. Leased property would also be viewed as an asset since the government would have certain rights and benefits associated with that lease. Owned property, similarly, is a clear government asset because it is directly owned by the government and contributes to its assets. In contrast, contractor acquired property does not fall under these categories, making it accurate to state that it is not part of the government's assets.