According to U.S. GAAP, changes in equity that result from the company's central business operations are ________.
A) revenues and gains
B) gains and losses
C) revenues and expenses
D) losses and expenses

Question

Quizplus · Accepted Answer

Changes in equity resulting from a company's central business operations are classified as revenues and expenses under U.S. GAAP. Revenues increase equity, while expenses decrease it, both directly related to the core business activities.