WebIn classifying the elements of financial statements, the primary distinction between revenues and gains is: A) the materiality of the amounts involved. B) the likelihood that … Webb. rendering services to the entity. c. satisfaction of liabilities of the entity. d. all of these. 60. In classifying the elements of financial statements, the primary distinction between revenues and gains is a. the materiality of …

What is the major distinction between revenues and gains and

WebRevenue may result from L \ a. A decrease in an asset from primary operations. b. An increase in an asset from incidental transactions. c. An increase in a liability from incidental transactions. d. A decrease in a liability from primary operations. _ . What is the primary distinction between revenue and gain? a. The materiality of the amount b. WebRevenues and gains both sound like good news, and they are. But revenues are increases in assets resulting from what a business is in the business to do. Gains are increases in … is the stock market in correction

Difference Between Revenue and Gain Formula - Accountinguide

WebAnswer (1 of 2): Revenue arises in the course of the business' ordinary activities - sales of goods or services, while gain represents other items that are considered as income which may or may not arise in the ordinary activities of the business. If you're into the manufacturing and selling of s... http://faculty2.ric.edu/sbailey/Acct_310/sample_exams/sample%20chapter%202.pdf Web4) The primary difference between revenues and gains is A. gains are increases in net assets from peripheral activities while revenues are increases from ongoing activities. B. generally accepted accounting principles makes no distinction between them since they both increase income. C. revenues cause increases in net assets as a result of peripheral … iktal spect