Match the important aspect of the definition of the element with the elements of financial statements by entering appropriate letters in the blanks. More than one letter can be placed in a blank. A. Assets B. Liabilities C. Owners' equity/net assets D. Revenues obtained by an entity E. Expenses F. Gains G. Losses H. None of the above Elements of Important Aspect of the Definition of the Element Financial Statements E or A 1. Using up of assets or incurrence of liabilities 2. Probable future economic benefits A 3. Enhancement of assets or settlements of liabilities D, E 4. Residual interest in assets after deducting liabilities C 5. Increases in net assets from peripheral or incidental activities F 6. Changes in net assets from peripheral or incidental transactions of the entity D or F 7. Future sacrifices arising from past transactions B 8. Results from the entity's ongoing major or central operation D or C