Financial statement elements have specific definitions. To the right, some important aspects of the definitions are listed. Match the aspects with the elements by entering appropriate letters in the blanks. More than one letter can be placed in ablank.

Elements of Financial Statements Important Aspect of the Definition of the Element A. Assets B. Liabilities C. Owners' equity/net assets D. Revenues 1. Using up of assets or incurrence 2. Probable future economic benefits 3. Enhancernent of assets or 4. Residual interest in assets after of liabilities obtained by an entity settlerments of liabilities deducting liabilities peripheral or incidental activities or incidental transactions of the entity transactions major or central operation EExpenses F. Gains G. Losses H. None of the above 5. Increases in net assets from 6. Changes in net assets from peripheral 7. Future sacrifices arising from past 8. Results from the entity's ongoing