Cost of Goods Sold appears on a multi-step income statement but not on a single-step income statement.

Name: Cost of Goods Sold appears on a multi-step income statement but not on a single-step income statement.
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Question

Quizplus · Accepted Answer

Both multi-step and single-step income statements include the Cost of Goods Sold, but they present it differently. The multi-step format separates it from operating expenses, while the single-step format combines it with all expenses.

Cost of Goods Sold Appears on a Multi-Step Income Statement