Define gains and losses, Accounting Basics

Assignment Help:

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.


Related Discussions:- Define gains and losses

Debit/credit, how do we credit debit cash received from owner

how do we credit debit cash received from owner

Select Topic, A of Surat consigned goods to B of Jaipur to be sold at or ab...

A of Surat consigned goods to B of Jaipur to be sold at or above invoice price. B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price real

Write the difference among journal voucher and contra, Journal voucher is t...

Journal voucher is the voucher in which all the adjustment related entries and non cash non bank transactions are come ijournal eg-dep, some of them book the bills in journal and

What is current ratio in terms of accounting, Q. What is current ratio in t...

Q. What is current ratio in terms of accounting? The current ratio specifies the short-term debt-paying ability of a company. To find the current ratio we divide current assets

Prepaid or period expense, Are mailing lists are considered as prepaid or p...

Are mailing lists are considered as prepaid or period expens?

Calculate price earnings ratio and payout ratio, Discuss and give reasons w...

Discuss and give reasons why a business would act in a socially responsible manner. Part A:  'Two of the key accounting reports available to users of accounting informati

Advance accounting, hi my name is harpreet kaur. I need help for my assignm...

hi my name is harpreet kaur. I need help for my assignment, how can I contact you? and how much time take to make one assignment?

Accounting, briefly explain the accounting concepts which guide the account...

briefly explain the accounting concepts which guide the accountant at the recording stage

Write Your Message!

Captcha
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!

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