Question 2 (1 point) Under ASPE, expenses are best described as: Outflows or reductions of assets or incurrences of liabilities resulting from the ordinary revenue-generating activities of an entity Decreases inuts or increases in liabilities that result in decreases to equity, other than those relating to distributions to holders of equity claims Decreases in equity resulting from an entity's peripheral or incidental transactions Residual interests remaining after assets are deducted from liabilities