View Policies Current Attempt in Progress Here are the basic elements of financial statements that we learned about in earlier chapters: 1 Assets 4 Revenues 2 Liabilities 5. Expenses 3. Equity Each statement that follows is an important aspect of an element's definition Match the elements with the definitions. Note: Each element may be used more than once or not at all. (a) Increases in assets or decreases in liabilities resulting from the main profit-generating activities of the business (b) Existing debts and obligations from past transactions c Resources owned by a business (d) Goods or services used in the process of earning revenue fe) A residual claim on total assets after deducting liabilities f The capacity to provide future benefits to the business e Textbook and Media