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What are the key distinctions between gain and revenue

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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

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