outflows or other using up of assets or incurrences of liabilities that constitute the entity's ongoing major or central operations
what are gains? LO2
Gains are increases in equity(net assets) from peripheral or incidental transactions of an entity except those that result from revenues or investment by owners
what are losses? LO2
Losses are decreases in equity(net assets) from peripheral or incidental transactions of an entity except those that result from expenses or distributions by owners.