A criticism of the single-step income statement is that gross profit and income from operations are not readily available for analysis.

Question

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In a single-step income statement, the gross profit and income from operations are not separately reported. They are instead included in the net income figure, which makes it difficult to analyze the profitability and efficiency of the company's operating activities. This is a limitation of the single-step income statement.

A Criticism of the Single-Step Income Statement Is That Gross