Modes

In the cartridge version of Street Fighter II: Championship Edition there are certain modes that you can play, and here they are with a brief description of what they actually are.

Game Start is 1 player mode, where you shall face the computer with one of the twelve characters available to your choice.

The V.S. Battle is practically a shrine of your wins/losses with each character against your friends! Sort of like the archive system with Super Smash Bros. Melee, it keeps track of your K.O.s, wins, losses against each character and with what character you were using. 

Match Play or Elimination bouts, this is the tournament play I was talking about. This is a 2 player mode I should add, you shall choose the characters you want for each specific battle. The winner is judged on how many victories you had with your characters.