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#cfa-level-1 #reading-23-financial-reporting-mechanics
Revenue and expenses generally relate to providing goods or services in a company’s primary business activities.

Gains (losses) relate to increases (decreases) in resources that are not part of a company’s primary business activities.
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3.2. Accounting Equations
ss than its expenses, it reports a net loss. Other terms are used synonymously with revenue, including sales and turnover (in the United Kingdom). Other terms used synonymously with net income include net profit and net earnings. <span>Also, as noted earlier, revenue and expenses generally relate to providing goods or services in a company’s primary business activities. In contrast, gains (losses) relate to increases (decreases) in resources that are not part of a company’s primary business activities. Distinguishing a company’s primary business activities from other business activities is important in financial analysis; however, for purposes of the accounting equation, gains are inc


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