Gross Profit Appears on Both the Single-Step and Multiple-Step Forms

question 104

True/False

Gross profit appears on both the single-step and multiple-step forms of an income statement.

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Definitions:

RMBCA

The Revised Model Business Corporation Act (RMBCA) is a set of model laws prepared by the American Bar Association to provide a standard for the governance of corporations.

Pre-incorporation Subscription

An agreement by an investor to purchase shares in a corporation that is yet to be formed, contingent upon the actual incorporation of the company.

Revoked

The action of withdrawing, cancelling, or annulling something previously granted, such as a license, privilege, or legal right.

Single Person

A single person typically refers to an individual not in a marital or committed relationship, often used in demographic and legal contexts.