I find the distinction between income, revenue and gains confusing. This is a students statement overheard in

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‘I find the distinction between income, revenue and gains confusing.’ This is a student’s statement overheard in a corridor. Help this student by discussing the major issues involved.

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Accounting

ISBN: 978-1118608227

9th edition

Authors: Lew Edwards, John Medlin, Keryn Chalmers, Andreas Hellmann, Claire Beattie, Jodie Maxfield, John Hoggett

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Question Posted: Jun 24, 2019 11:50 AM

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I find the distinction between income, revenue and gains confusing. This is a students statement overheard in

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The Framework defines income as increases in economic benefits during the accounting period in the form of inflows or enhancements of assets or decrea...View the full answer

Accounting

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