What Is an Advantage of Using the Multiple-Step Income Statement

question 155

Multiple Choice

What is an advantage of using the multiple-step income statement?

• A)It highlights the components of net income.
• B)Gross profit is not a separate item.
• C)It is easier to prepare than the single-step income statement.
• D)Net income will be higher than net income computed using the single-step income statement.

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Definitions:

Bruce Tuckman

An educational psychologist known for his model describing the stages of group development: forming, storming, norming, performing, and adjourning.

Performing

The act of carrying out or executing a task, action, or show with the intent to entertain, accomplish objectives, or demonstrate skills.

Little To No Supervision

A work scenario where employees are given the freedom to perform their tasks or projects with minimal to no oversight from managers or supervisors.

Areas Of Expertise

Specialized knowledge or skills in a particular field or domain.