Elements of the financial statements. (LO 3). Listed are elements of the financial statements discussed in this chapter. Match each element with the descriptions (use each as many times as necessary). Assets Liabilities Shareholders' equity Revenues Expenses Debts of the company Economic resources with future benefit Inflows of assets from delivering or producing goods or services Things of value a company owns The residual interest in the assets of an entity that remains after deducting its liabilities The difference between what the company has and what the company owes The owners' interest in the company Outflows or using up of assets from delivering or producing goods and services Costs that have no future value The amount the company owes Sales