The Difference Between a Single and Multiple?step Income Statement Is

Multiple Choice

The difference between a single 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 under two or more methods
C) calculates gross profit and operating income, whereas a multiple?step income statement does not
D) shows only one year's net income, whereas a multiple?step income statement shows multiple years' net income