Please Define the Following Key Terms

question 38

Essay

Please define the following key terms. Show Who? What? Where? When? Why Important?
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Definitions:

Multiple-Step Statement

An income statement format that separates operating revenues and expenses from non-operating ones, calculating income at several levels.

Single-Step Statement

A simplified income statement that calculates net income by subtracting total expenses directly from total revenue with one step.

Gross Profit

is the financial gain obtained after subtracting the cost of goods sold (COGS) from total revenue.