Question

difference between loss and gain

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Answer 1

Answer:

Definition of Gain or Loss on Sale of an Asset

If the cash received is greater than the asset's book value, the difference is recorded as a gain. If the cash received is less than the asset's book value, the difference is recorded as a loss.

Answer 2

Explanation:

Gain refers to acquiring something. Loss means the deprivation from keeping something, for example, bearing the loss of a theft. It refers to something which is lost, for example, the theft of jewelry was a great loss