What term describes proceeds from the sale of long-lived assets or investments?

The term that best describes proceeds from the sale of long-lived assets or investments is "Gains and Losses." When a long-lived asset, such as property, plant, or equipment, or an investment is sold, the amount received from that sale may exceed or be less than the asset's book value. If the proceeds exceed the book value, a gain is recognized; if they are less, a loss is recorded. This reflects the difference between the amount realized from the sale and what the asset was valued at on the balance sheet.

In contrast, "Revenue" refers to the income generated from normal business operations, typically from the sale of goods or services. "Operating Income" is calculated as revenue minus operating expenses and does not specifically include gains or losses from asset sales. "Extraordinary Items" used to describe unique and infrequent events impacting financials, but this term has been largely eliminated from GAAP classifications in favor of reporting these items within continuing operations.

Thus, gains and losses accurately capture the financial impact of selling long-lived assets and investments, representing a critical aspect of financial statement analysis.