Examlex
Which statement is FALSE?
Single-Step Income Statement
An income statement format that deducts total expenses from total revenues with one calculation, to find the net income.
Operating Income
Profit realized from a business's core operations, excluding deductions of interest and taxes.
Income Tax Rate
The percentage of income that is paid to the government as tax.
Gain on Sale
The profit realized from the sale of an asset when it is sold for more than its carrying amount on the company's books.
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