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)revenues increase operating income and gains have no impact on net income.
C)revenues cause increases in net assets as a result of peripheral 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

Revenues are defined as increases in assets or settlements of liabilities from ongoing operations. Gains are a result of an increase in assets or decrease in liabilities from peripheral activities.

The Primary Difference Between Revenues and Gains Is