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Gross Profit Will Appear on All Income Statements

Question 10

Multiple Choice

Gross profit will appear on all income statements. Is this true or false?


A) True-gross profit is always noted on an income statement.
B) False-gross profit is only noted on income statements with a single-step format.
C) False-gross profit is only noted on income statements with a multiple-step format.
D) False-gross profit is noted on balance sheets.
E) False-gross profit is noted on statement of cash flows.

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