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Accounting Explanation (Revenues, Gains, Expense and Losses)

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Explain the difference between
a. Revenues and gains.
b. Expenses and losses.

Give a detailed example of each.

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Solution Summary

The solution explains the differences between revenues and gains and expenses and losses.

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Requirement a
Revenues are the total amount a company charged for products sold and services rendered in a given period. Revenues are usually presented at net amount - gross sales less returns and allowances and trade discounts plus other revenues. For example, whenever Amazon ...

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