Which of the following is NOT a true statement about a multiple-step income statement?
A) Operating expenses may be classified as selling and administrative 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 separates operating revenues and operating expenses from non-operating revenues, non-operating expenses, gains, and losses, but it does not include a specific section for operating assets. Operating assets are more relevant to the balance sheet.

Which of the Following Is NOT a True Statement About