The primary difference between revenues and gains is:
A)Gains are increases in net assets from periodically selling assets (other than inventory),while revenues are increases from major or central ongoing operations of a business.
B)Revenues increase operating income and gains have no impact on net income.
C)Revenues cause increases in net assets as a result of infrequent activities and gains cause increases through ongoing activities.
D)Gains result in an increase in operating income whereas revenues do not impact operating income.

Question

Quizplus · Accepted Answer

Gains refer to increases in net assets due to occasional asset sales, while revenues result from ongoing major operations of a business.

The Primary Difference Between Revenues and Gains Is