Solved

Which of the Following Statements About the Multistep Income Statement

Question 95

Multiple Choice

Which of the following statements about the multistep income statement is not correct?


A) The multistep income statement provides a subtotal of Income before Income Tax Expense.
B) Income from Operations is the amount of revenues minus expenses from the company's main business activities.
C) Any revenues and/expenses from activities other than the company's main business are peripheral results and are included in Income from Operations.
D) Income before Income Tax Expense and Income from Operations are different if there are any peripheral revenues and expenses.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions