Question

Distinguish between Profit and Gain.​

Answer 1

Answer:

Profit is the summation of total income less total expenses. Gain is the proceeds received from the sale of fixed or financial assets. It is generated outside of business operations.

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Answer 2

Profit :

• Profit is the excess of revenues over expenses during an accounting period. It is the result of business transactions which are of regular nature.

Gain :

• Gain arises from events or transactions which are incidental to business such as sale of a fixed asset or winning a lottery prize.

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