Regarding income statement formats,which of the following statements is INCORRECT?
A) A single-step income statement lists all the revenues and gains together under a heading such as Revenues and Gains.
B) A single-step income statement lists income tax expense separately from all other expenses.
C) A multistep income statement reports a number of subtotals to highlight important relationships between revenues and expenses.
D) A multistep income statement is the only format that allows users to evaluate the profitability of the business.
Correct Answer:
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