Gross profit does not appear A)on a multiple-step income statement. B)on a single-step income statement. C)to be relevant in analyzing the operation of a merchandising company. D)on either a multiple-step or single-step income statement.

Question

Quizplus · Accepted Answer

A single-step income statement does not separately show gross profit; it combines all revenues and expenses without distinguishing between operating and non-operating items.

Gross Profit Does not Appear