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Differentiate the following functions:
(a) (b) (c) (d )
Selling and Administrative Expenses
Costs related to selling products and managing the business, excluding production costs.
Multiple-Step Income Statement
An income statement that separates operating revenues and operating expenses from non-operating revenues, expenses, and other gains and losses.
Gross Profit
The difference between sales revenue and the cost of goods sold, representing the profitability of a company's core business activities.
Single-Step Statement
A simplified income statement format that sums all revenues and gains together and subtracts all expenses and losses in one step to arrive at net income.
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