Which of the following statements about multiple-step income statements is FALSE?
A)A multiple-step income statement has a subtotal for gross profit and operating profit.
B)A multiple-step income statement groups all the expenses together.
C)A multiple-step income statement has different measures of profits.
D)A multiple-step income statement has a list of nonoperating revenues and expenses.

Question

Quizplus · Accepted Answer

A multiple-step income statement separates expenses into categories such as cost of goods sold, operating expenses, and nonoperating expenses, rather than grouping them together.

Which of the Following Statements About Multiple-Step Income Statements Is