Revenues differ from gains in that:

Multiple Choice

• revenues are closed to retained earnings while gains are closed to accumulated other comprehensive income (AOCI).

• revenues are material while gains are immaterial.

• revenues are found on the income statement while gains are found on the balance sheet.

• revenues are earned from a company's normal operations, while gains are from peripheral transactions.

• revenues are from product sales while gains are from providing services.

• all revenues have been received in cash whereas some gains have not.