Question

How does the timing of the deferral and recognition of profit differ between sales of inventories and sales of land and depreciable assets

Answer 1

The profit on sales of inventories is the operating profit of the business. As per the accrual system of accounting, revenue is recognized when it is earned and realized (or is realizable). If any advance is received against sale of inventory, such revenue is deferred in the current year and recognized in the next year when goods are delivered.
Also, the matching concept applies; so the costs or expenses incurred to earn such revenue are also recognized when the related revenue is earned.
The profit on sales of inventory is the difference between the sales price and the cost.

Land or other depreciable assets are held for continuance of business; and not held for sale. So, when any profit is earned on sale of land or other depreciable assets, it is termed as non-operating income. As per the accrual system, the profit is recognized when such asset is sold.
Also, as matching concept applies, so the cost of assets (in case of depreciable assets), are depreciated over the life of asset; and not when the asset is sold.
The profit on sale of asset is the difference between the realizable value and the carrying amount of asset. (Carrying amount is the cost of asset less accumulated depreciation)