Which of the following line items below is present in both the multistep and an income statement in which expenses are simply subtracted from revenues to arrive at net income?
A) Income before income tax expense
B) Income from operations
C) Net income
D) Gross profit

Question

Quizplus · Accepted Answer

Net income is present in both the multistep and the income statement where expenses are simply subtracted from revenues. Although the other line items may be present in both types of income statements, net income is the only line item that is guaranteed to be present in both.

Which of the Following Line Items Below Is Present in Both