Regarding Income Statement Formats, Which of the Following Statements Is

question 44

Multiple Choice

Regarding income statement formats, which of the following statements is INCORRECT?

• A)A single-step income statement lists all the revenues together under a heading such as Revenues and Gains.
• B)A single-step income statement lists income tax expense separate of 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.

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Definitions:

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The complex of life-sustaining chemical reactions in organisms that allows them to grow, reproduce, maintain their structures, and respond to environments.

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The weight range in which your body is programmed to function optimally, determined by genetic and environmental factors.

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The increased likelihood of developing a particular disease or trait based on an individual's genetic makeup.