Question

Distinguish between profit and gain.

Answer 1

Answer:

The key difference between profit and gain is that profit is the total earnings for a period whereas gain is an economic benefit derived by disposing an asset above its net book value or market value.

Answer 2

Answer:

The key difference between profit and gain is that profit is the total earnings for a period whereas gain is an economic benefit derived by disposing an asset above its net book value or market value.

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