Gains are:
A) Inflows from selling a product or service to a customer.
B) Increases in equity resulting from transfers of assets to the company from owners.
C) Increases in equity from peripheral transactions of an entity.
D) None of these answer choices are correct.

Question

Quizplus · Accepted Answer

Gains are increases in equity from peripheral or incidental transactions of an entity that are not from the primary operations, such as selling a piece of equipment for more than its book value.

Gains Are