Net income or loss reported in a multiple-step income statement format is always the same as net income or loss reported in a single-step income statement format.

Question

Quizplus · Accepted Answer

Regardless of the format, the net income or loss reported should be the same. However, the multiple-step income statement format provides more detailed information about the company's revenues, expenses, and other financial information.

Net Income or Loss Reported in a Multiple-Step Income Statement