For the statement of financial position/balance sheet,the 'single-step' format provides more detail than the 'multiple-step' format.

Question

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The multiple-step format provides more detailed information by separating operating and non-operating activities, as well as allowing for the calculation of gross profit and operating income. The single-step format, on the other hand, simply lists all assets and liabilities without any sub-classifications.

For the Statement of Financial Position/balance Sheet,the 'Single-Step' Format Provides