Gains Differ from Revenues Because Gains

question 30

Multiple Choice

Gains differ from revenues because gains:

• A)are not a result of the entity's ongoing, central operations.
• B)do not have to be realized.
• C)are reported as income from operating activities.
• D)do not involve any offsetting costs or expenses.

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Definitions:

Starvation Risk

The potential danger of suffering from extreme hunger due to lack of food, which can lead to malnutrition and death.

Hawley-Smoot Tariff

A U.S. law enacted in 1930, which raised import duties to protect American businesses and farmers, adding strain to the international economic climate of the Great Depression.

Economy

The system of production, distribution, and consumption of goods and services within a particular geographic region.

Tariff Rates

Tariff rates are taxes imposed by governments on imports or exports of goods, used as a tool for economic policy.