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Do gains and losses, as well as expenses appear on the income statement? A)
| Only expenses appear on the income statement. |
| B)
| Only gains and losses appear on the income statement. |
| C)
| Both appear on the income statement. |
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Gains and losses result from, transactions that are not a part of the firm’s normal business operations. Expenses are amounts that are incurred to generate revenue; thus, expenses result from the firm’s ongoing operations. Both are included on the income statement. |
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