In accounting for not-for-profit organizations, revenues and expenses are reported at amounts and most gains and losses arc reported at and _ amounts.

net, gross

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gross, net

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gross, gross

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net, net

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Solution

The correct option is D net, net
Revenues and expenses represent the total income earned by selling the product and total expenses incurred on selling. Gains and losses represent the actual profit earned or losses suffered. It is calculated by subtracting all the expenses. It is reported at net amounts. Revenues and expenses are reported at gross amounts and gains and losses at net amounts.

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In accounting for not-for-profit organizations, revenues and expenses are reported at amounts and most gains and losses arc reported at ________ and _________ amounts.

In accounting for not-for-profit organizations, revenues and expenses are reported at amounts and most gains and losses arc reported at and _ amounts.