Which of the following statements about the multistep income statement is not correct?
A)The multistep income statement provides a subtotal of Income before Income Tax Expense.
B)Income from Operations is the amount of revenues minus expenses from the company's main business activities.
C)Any revenues and/expenses from activities other than the company's main business are peripheral results and are included in Income from Operations.
D)Income before Income Tax Expense and Income from Operations are different if there are any peripheral revenues and expenses.

Question

Quizplus · Accepted Answer

Revenues and expenses from activities other than the company's main business are peripheral results and are shown as separate items after the subtotal Income from Operations.

Which of the Following Statements About the Multistep Income Statement