Which of the following is not true?
A)The multiple-step income statement includes subtotals which separate core and peripheral results.
B)The multiple-step income statement includes the subtotal of income before income tax expense.
C)The statement of stockholders' equity is another name for the statement of retained earnings.
D)Comparative financial statements report numbers for two or more periods.

Question

Quizplus · Accepted Answer

The statement of stockholders' equity and statement of retained earnings are two separate financial statements. The statement of stockholders' equity includes information on all changes in equity, including retained earnings, while the statement of retained earnings only includes changes in retained earnings.

Which of the Following Is Not True