Which of the following is not true regarding the revenue-expense approach to defining accounting elements?

		The revenue-expense approach defines assets and liabilities as a by-product of revenues and expenses.
		"Under the revenue-expense approach, the balance sheet is burdened with by-products of income measurement rules."
		Deferred charges and deferred credits are ambiguous debits and credits that appear on the balance sheet under the revenue-expense approach.
		There are very few examples of the use of the revenue-expense approach in recent accounting standards.