What's this gauge for in Cessna 172?

The digital gauge with UT/FT/LT/ET? You can change with ‘select’ button, but I have no idea what they are used for.

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OAT = Outside Air Temperature
LT = Local Time
UT = UTC Time
FT = Flight Time
ET = Elapsed Time

It’s a Davtron Digital Clock

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Thanks a bunch! It’s very helpful.

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In case any newbie like me, attached a video introducing this clock.
https://youtu.be/TrFYbS9yzuc