What is the difference between revenue and gain?

Question

ObjectiveMcq · Accepted Answer

Revenue arises from the ordinary activities of an entity, while gains arise from incidental or peripheral activities

ObjectiveMcq · Answer

Revenue is recognized when goods are shipped, while gains are recognized when goods are delivered

ObjectiveMcq · Answer

Revenue is the gross inflow of economic benefits, while gains are the net inflow of economic benefits

ObjectiveMcq · Answer

Revenue is recognized when cash is received, while gains are recognized when earned