Which of the following is classified as income?
a. Damage recovery due to physical injuries
b. Return of capital
c. Excess of selling price over cost of assets sold
d. Gifts received
Answer: c. Excess of selling price over cost of assets sold
Which of the following is classified as income?
a. Damage recovery due to physical injuries
b. Return of capital
c. Excess of selling price over cost of assets sold
d. Gifts received
Answer: c. Excess of selling price over cost of assets sold