What is the primary distinction between revenue and gain

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Problem 1: What would be an advantage of having all countries adopt and follow the same accounting standards?

a. Lower preparation costs.
b. Comparability
c. Aesthetic appeal
d. Comparability and lower preparation costs

Problem 2: Which statement is true regarding managerial and financial accounting?

a. Managerial accounting has future focus.
b. The emphasis on managerial accounting is relevance and the emphasis on financial accounting is timeliness.
c. Managerial accounting need not to follow generally accepting accounting principles while financial account must follow these principles.
d. Managerial accounting is generally more precise.

Problem 3: What is the primary distinction between revenue and gain?

a. The likelihood that the transaction will recur.
b. The materiality of the amount.
c. he method of disclosing the transaction.
d. The nature of the activity that gives rise to the transaction.

Reference no: EM133002157

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