Multiple Choice
Two terms used in financial accounting are gain and revenue. Which of the following statements is correct?
A) Revenues relate to the main business of the company, while gains are from events that are not a main regular part of the business.
B) The two terms mean the same thing.
C) A company's revenues are always much larger than the gains it has.
D) A company that reports revenues will never report gains.
Correct Answer:
Verified
Correct Answer:
Verified
Q18: "Comprehensive income" includes all factors that change
Q19: Assume that a landlord collects $4,000 from
Q20: In accounting, the concept for whether information
Q21: The accounting term which refers to whether
Q22: The amount of cash a company has
Q24: ""Accrued rent payable"" is an example of
Q25: Accrued receivables arise when the company has
Q26: A ""prepaid expense"" occurs when a company
Q27: All of the following items are assets
Q28: Assume that a company owns machinery. When