The difference between a single-step and multiple-step income statement - 4262

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The difference between a single-step and multiple-step income statement is that a single-step income statement _____. 

A.   groups all revenues together and all expenses together, whereas a multiple-step income statement separates certain revenues and expenses from each other and presents subtotals

B.   calculates net income using one method, whereas a multiple-step income statement calculates net income using two or more methods

C.   calculates gross profit and operating income, whereas a multiple-step income statement does not D.   shows only 1 year's net income, whereas a multiple-step income statement shows multiple years' net income 

Solution Description

The difference between a single-step and multiple-step income statement is that a single-step income statement _____.