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#cfa-level-1 #reading-23-financial-reporting-mechanics
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 included in revenue and losses are included in expenses.
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3.2. Accounting Equations
ue 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. <span>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 included in revenue and losses are included in expenses. The balance sheet and income statement are two of the primary financial statements. Although these are the common terms for these statements, some variations in the names o


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