Start networking and exchanging professional insights

Register now or log in to join your professional community.

Follow

What's the difference between profit and gain in detail?

user-image
Question added by Ishika gupta
Date Posted: 2016/04/15
Saiyid Maududi-Oracle Applications Consultant
by Saiyid Maududi-Oracle Applications Consultant , Entrerprise Architect , US Technomatrix, Inc

Hello Team,

Revenue is the amount earned from a company's main activities such as selling merchandise or providing services.A gain results from a peripheral activity, such as selling the old delivery truck. A gain is the amount received that is in excess of the asset's carrying amount (book value). For example, if the company receives $3,000 for the truck, and its carry amount was $600, the company will report a gain of $2,400.Income is sometimes used instead of the word revenue: some people refer to the rent they receive as rent income. Generally, accountants use the word income to mean "net of revenues and expenses." For example, a retailer's income from operations is sales minus the cost of goods sold minus operating expenses.

Regards,

 

Saiyid

More Questions Like This