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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 Preview

    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 ...

    Solution Summary

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