How do gains and losses differ from revenues and expenses? How are they similar?
What will be an ideal response?
Gains and losses result from peripheral activities that are not likely to recur, such as the sale of land for more or less than its historic cost. As such, they are presented separately from revenues and expenses on a multistep income statement, below operating income. They are similar in that they all appear on the income statement, and are all temporary accounts that close out to retained earnings at the end of the year.
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