User Account

All Pages

What are the key distinctions between gain and revenue

Assignment Help Financial Accounting
Reference no: EM132573518

Let's say your manager at work is not sure about whether 'revenue' and 'gain' are the same. She asks for your help regarding the following statements:

  1. 'Income' means the same as 'revenue'."
  2. 'Revenue' must always be in respect of an entity's ordinary operations
  3. 'Gains' must always be outside of an entity's ordinary operations. Services provided under a construction contract are accounted for under AASB 15/IFRS 15.

REQUIRED

Question 1: State whether each of the statements is true or false. Give reasons (briefly) for your answer. Also, discuss what are the key distinctions between 'gain' and 'revenue'.

Reference no: EM132573518

Questions Cloud

Explain between vesting versus non-vesting sick leave : Explain the difference between vesting versus non-vesting sick leave. Advise to your company how sick leave entitlements should be reported
Calculate the debt to equity ratio : The bond indenture states that the debt to equity ratio cannot exceed 3.11. Calculate the debt to equity ratio
Phenotypes of the 2 individuals : Two traits are of interest here. There are two fur colors in this problem where pink dominates green. There are also two forms
Write summary of the business model canvas : Within your 500 word summary of the business model canvas, include research from at least five sources. For this assignment, you will only create your draft.
What are the key distinctions between gain and revenue : State whether each of the statements is true or false. Give reasons (briefly) for your answer. Discuss what are the key distinctions between 'gain' and 'revenue
What is process costing : What is process costing? What are the typical characteristics of a company that should use a process costing system
Why a good understanding of autonomic physiology : Why a good understanding of autonomic physiology is an imperative in medicine and disease treatment.
Explain way a non-medical person could understand : Explain these 10 terms in a way a non-medical person could understand. Write a 500- to 750-word summary that describes the importance of understanding.
How is art considered as a saving power : How is art considered as a saving power according to Martin Heidegger?

Reviews

Write a Review

Financial Accounting Questions & Answers

  What amount of interest income should ms price recognize

The note is to be repaid on December 31, 2014. The prevailing rate of interest for a loan of this type is 10%. The present value of $120,000 at 10% for three years is $90,156. What amount of interest income should Ms. Price recognize in 2012?

  Prepare statement of cash flows using the indirect method

Condensed financial data of Pat Metheny Company for 2014 and 2013 are presented below. PAT METHENY COMPANY COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2014 AND 2013 2014 2013 Cash $1,810 $1,100 Receivables 1,758 1,306 Inventory 1,583 1,901 Plant ass..

  What is the nature of these gains and losses

Straight-line depreciation was used to depreciate the rental real estate. The rental properties will be sold at a substantial gain. What is the nature of these gains and losses?

  Missing amounts in each of these four separate situations

1.Determine the missing amounts in each of these four separate situations a throughd.

  How would you respond to confirmation exceptions

What ethical concerns must an auditor address when sending and receiving confirmations? Can you think of any situations in which ethical considerations would preclude the use of confirmations? How would you respond to confirmation exceptions?

  Question 1 you are an investor seeking an investment

question 1 you are an investor seeking an investment opportunity. you have obtained the financial statements of two

  Recommend method of foreign trade financing for textile

The options available, Recommend the best method of foreign trade financing for an Indian Textile Exporter who is growing steadily year by year.

  Determine the amounts of the missing items

Determine the amounts of the missing items, identifying them by letter. (Suggestion: First determine the amount of increase or decrease in stockholders' equity during theyear.)

  Issue bonds to fund large investment project

DuoTronics, Inc. plans to issue bonds to fund a large investment project that it estimates will cost $10,000,000. How many bonds will DuoTronics need to issue assuming the following Market Rates: i. 4% ii. 6% iii. 9%. Show the journal entry at issuan..

  Allocated manufacturing overhead costs for year

Grassland Corporation had actual manufacturing overhead costs of $32,500 for the past year. Direct labor cost is $12.00 per hour. Manufacturing overhead is allocated at a rate of $4.00 per direct labor hour. Manufacturing overhead was overallocated f..

  Programming languages in visual studio

Microsoft provides various Programming languages in Visual Studio 2015, such as Visual Studio 2015 are C++, Visual C#, Visual Basic, and Visual F#.

  Expansionary monetary policy will cause appreciation

In response to the same external forces, the return on one investment may increase while the return on another investment may decrease. Investments with lower standard deviations can be expected to produce higher rate or return. Adding stocks with hi..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd