Select from the option list provided the term defined by each concept below. Each choice may be used once, more than once, or not at all. Concept 1. Probable future economic benefits. 2. Enhancements of assets or settlements of liabilities from, for example, delivering or producing goods 3. Formal recording of an item 4. Probable future sacrifices of economic benefits 5. Recording the financial effects of transactions when they occur 6. Increases in equity from exchange transactions of an entity, except from investments by owners 7. Decreases in equity in the normal course of business on an ongoing basis that result in outflows or other uses of assets or incurrences of liabilities (or both), apart from distributions to owners Term Assets Revenues Recognition Liabilities Gains Select an option below Liabilities Revenues Gains Expenses Assets Losses