Which of the following is not true about a multiple-step income statement?
A)There is a section for operating expenses.
B)There may be a section for non-operating activities.
C)There may be a section for operating assets.
D)There is a section for cost of goods sold.

Question

Quizplus · Accepted Answer

A multiple-step income statement typically includes a section for operating expenses, non-operating activities, and cost of goods sold. However, there is not typically a section for operating assets on a multiple-step income statement.

Which of the Following Is Not True About a Multiple-Step