All of the following captions or subtotals are typical of a multiple-step income statement except for:
A) Net sales.
B) Gross profit.
C) Total costs and expenses.
D) Operating profit.

Question

Quizplus · Accepted Answer

"Total costs and expenses" is not a typical caption in a multiple-step income statement. Instead, costs and expenses are usually broken down into categories such as cost of goods sold, operating expenses, etc.

All of the Following Captions or Subtotals Are Typical of a Multiple-Step