Knowledge Check 01 Match the term and the definition. TERMS Assets Equity Expenses Liabilities Revenues DEFINITIONS Inflows or other enhancements of assets of an entity or settlements of its liabilities during a period from delivering or producing goods, rendering services, or other activities that constitute the entity's ongoing central operations Outflows or other using up of assets or incurrences of liabilities during a period from delivering or producing goods, rendering services, other activities that constitute the entity's ongoing central operations Probable future economic benefits obtained or controlled by a particular entity as a result of past transactions or events Probable future sacrifices of economic benefits arising from present obligations of a particular entity to transfer assets or provide vices to other entities in the future as a result of past transactions or events Residual interest in the assets of an entity that remains after deducting its liabilities