Net income does not change as a result of using the single-step format over the multi-step...

Question:

Net income does not change as a result of using the single-step format over the multi-step format.

True

False

Income Statement:

The income statement shows the total profit or loss of a company for a period of time, normally one year. Total revenues, expenses, and net income (loss) is presented on the face of the income statement.

Answer and Explanation:

Answer: True

Explanation:

The single-step income statement and the multi-step income statement are different formats to present revenues, expenses,...

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What Is an Income Statement? - Purpose, Components & Format

from Accounting 101: Financial Accounting

Chapter 2 / Lesson 2
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