What is the primary difference between revenues and gains?
A) Gains are increases in net assets from peripheral activities while revenues are increases from ongoing central activities.
B) International financial reporting standards makes no distinction between them since they both increase income.
C) Revenues cause increases in net assets as a result of peripheral activities and gains cause increases through ongoing central activities.
D) Both revenues and gains cause a decrease in net assets from ongoing central and peripheral transactions respectively.
Correct Answer:
Verified
Q2: To what does the element "TradePayables" refer?
A)An
Q3: Which of the following is the principle
Q4: Which of the following liability accounts is
Q5: Which of the following defines shareholders' equity?
A)Probable
Q6: Everest Acres Development Corporation recently sold a
Q7: Which of the following direct effects on
Q8: Which of the following events will cause
Q9: Which of the following is least likely
Q10: Shareholders' equity
A)is equal to liabilities and retained
Q11: If Golden Company owed Eye Company $500,where
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