Define gains and losses, Accounting Basics

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Q. Define Gains and Losses?

Gains are raise in equity net assets from peripheral or incidental transactions of an entity as well as from all other transactions and other events as well as circumstances affecting the entity except those that result from revenues or investments by owners.

Losses are diminish in equity net assets from peripheral or incidental transactions of an entity and from all other transactions and other events and circumstances affecting the entity except those that result from expenses or distributions to owners.


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