Stir the flour, garlic powder, onion powder and black pepper on a plate. Dredge, or coat, the chicken with the flour mixture.
Heat the oil in a 12-inch skillet over medium-high heat. Add the chicken and cook for 10 minutes or until well-browned on all sides.
Stir together the soup and water in an 8-quart saucepot. Add the potatoes, carrots, and onions and stir. Top with the asparagus and chicken. Cover and cook over low heat for 45 minutes or until the chicken is cooked through and vegetables are tender.