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Gains are increases in owner's equity or net assets that result from peripheral or incidental transactions by an entity.In other words，gains arise from transactions and economic events that do not result in either revenue or owner investment.Loses are decreases in owner's equity or net assets arising from peripheral or incidental transactions by an entity.Losses arise from transactions and economic events that do not result in either expenses or distributions to owners.

There are two important distinctions between revenues and gains and between expenses and losses.First，both revenues and expenses related to the major or primary operating activities of an enterprise，whereas both gains and losses related to peripheral activities.Consequently，revenues and expenses provide different cash flow signals from those provided by gains and losses.Because revenues and expenses are ongoing and are associated with an enterprises'primary operating activity，users of financial statements should assess and predict cash flows associated with revenues and expenses and make predictions of future revenues and expenses different from cash flows associated with gain and losses，which are not ongoing and are peripheral to an enterprises'activities.

Second，revenues and expenses refer to gross inflows and outflows，whereas gains and losses refer to net inflows and outflows.For example，sales revenue is a major revenue item for a merchandising enterprise;it represents a gross inflow of resources resulting from its sales activities.To determine profit from sales，it is necessary to subtract cost of goods sold from sales review.In contrast，a gain on the sale of an enterprise'fixed assets is the difference between the book value of the fixed assets sold and the cash or other resources received from the sale.

Net income or net loss refers to the periodic change in owner's equity or net assets of an entity as a result of transactions and other economic events that result in revenues，expenses，gain，and loses.Mathematically，net income or net loss is determined by revenues，expense，gains，and losses as follows:

Net Income(Net Loss)=Revenue－Expenses+Gains－Losses

If revenues and gains exceed expenses and losses，the result is called“Net Income”;if expense and losses exceed revenues and gains，the difference is called“Net Loss”.

As in current practice，the term“earnings”sometimes will be used as a synonym for a net income，or as a way of capturing the elements that make up income，such as revenues，expenses，gains，and losses.The times included in net income are displayed in four classifications:continuing operations，discontinued operations，extraordinary items，and cumulative effects of changes in accounting principles.

1.Revenues are the inflows or other enhancements of assets of an entity or settlements of its liabilities during a period from delivering or producing goods，rendering services，or other aitivities that constitute the entity's ongoing major or central operations.收入是指企业在销售或生产商品、提供服务或其他维持企业持续正常运行的主要或中心经营活动时所形成的资产流入或增加以及债务的清偿。该句为主从复合句，主句为主系表结构，其表语由三个并列的名词或名词短语担任，即the inflows，other enhancements of assets of an entity和settlements of its liabilities;句中的现在分词短语rendering servicesoperations作整个句子的状语;在作状语的现在分词短语中，又带有一个由关系代词that引导的定语从句，修饰其先行词activities，that在从句中作主语。

2.A business，which sells merchandise rather than services，uses the term“Sales”to describe its revenue.一个销售商品而不提供服务的企业称其为“销售收入”。该句为主从复合句，主句为主谓状结构，即A business uses the term“Sales”to describe its revenue。主句的主语后有一个由关系代词which引导的非限制性定语从句，修饰business。

3.Another type of revenue common to most business is Interest Revenue，stemming from the interest earned on bank deposits，notes receivable and interest-bearing investments.另一种在许多商业中很普遍的收入是利息收入，它来自于银行存款的利息、应收票据和附息投资。该句为简单句，属主系表结构。现在分词短语stemming frominvestments作状语。

4.Expenses are outflows or other using up of assets or increase of liabilities，or a combination of both，during a period from producing or delivering goods，rendering services，or carry out otheractivities that constitute the entity's major or central operations.费用是指企业在生产或销售商品、提供服务或其他日常活动时所发生的资产的外流或耗费或债务的增加，或两者的结合。该句为主从复合句，主句为主系表结构，其表语由三个并列的成分担任，即outflows，other using up of assets，increase of liabilities;句末的现在分词短语rendering servicesoperations一起作整个句子的状语;在作状语的现在分词短语中，又带有一个由关系代词that引导的定语从句，修饰其先行词activities;that在从句中作主语。

5.Because revenues and expenses are ongoing and are associated with an enterprises'primary operating activity，users of financial statements should assess and predict cash flows associated with revenues and expenses and make predictions of future revenues and expenses different from cash flows associated with gain and losses，which are not ongoing and are peripheral to an enterprises'activities.因为收入和费用是持续的并且与企业的主要经营活动相关，财务人员应该评估并且预计与收入和费用相关的现金流量，并且对将来的收入和费用作出预测，使之与收益和损失相关的现金流量相区分，收益和损失是不连贯的并且是企业的外围活动。该句为主从复合句。句中两个从句很明显，句首为because引导的原因状语从句，句末有一个由关系代词which引导的非限制性定语从句。真正复杂的是主句，该主句的主语是users of financial statements，谓语动词有三个，即assess，predict和make;位于其后的形容词短语different from cash flows作动词make的宾语补足语。主句中出现了两处associated with，它们均为过去分词短语作定语，修饰cash flows。

6.Forexample，salesrevenueisamajorrevenueitemfora merchandising enterprise;it represents a gross inflow of resources resulting from its sales activities.例如，销售收入是销售企业主要的收入项目，它代表销售活动中资产的总流入。这是由分号连接的并列句。在第二个分句中，现在分词短语resulting from its sales activities作定语，修饰a gross inflow of resources。

7.In contrast，a gain on the sale of an enterprise'fixed assets is the difference between the book value of the fixed assets sold and the cash or other resources received from the sale.同时，企业固定资产销售的账面价值与现金和其他资源的销售所得是不同的，它是企业固定资产的销售收益。该句为简单句，主语为a gain，连系动词是is，表语为the difference，由betweenand连接的部分为介词短语作状语。

1.Classify each of the following statements as True or False.

(1)A present reduction in cash required to generate revenues is called“an expense”.(　)

(2)Revenue increases owner's equity.(　)

(3)The revenue expenses are paid to influence the current operating result.(　)

(4)Revenue is recognized when we receive cash from the buyers.(　)

(5)Advertising expense is usually collected as period expense.(　)

(6)Interest revenue should be measured based on the length of time.(　)

(7)Sales returns should be recorded as a reduction of revenue.(　)

(8)If revenues exceed expenses for the same accounting period，the entity is deemed to suffer a loss.(　)