The net income calculated using both the single and multi-step formats of income statement is always the same.

Name: The net income calculated using both the single and multi-step formats of income statement is always the same.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Both single and multi-step income statements use the same formula for calculating net income, which is total revenues minus total expenses. Therefore, the net income calculated using both formats should be the same.

The Net Income Calculated Using Both the Single and Multi-Step