Accountancy, asked by sharanya3019, 4 months ago

Explain the meaning of gain and profit. Distinguish between these two terms.

Answers

Answered by Yogeshjoshi210

0

Answer:

Gain-A profit that arises from events or transactions which are incidental to business such as sale of fixed assets,winning a court case, appreciation in the value of an asset. Profit- The excess of revenues of a period over its related expenses during an accounting year is termed as profit.

Explanation:

Please mark me as brainliest

Answered by Anonymous

4

Explanation:

when SP IS LESS THAN CP,THEN IT IS GAIN.

GAIN = PROFIT

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