All of the following captions or subtotals are typical of a multiple-step income statement,except:
A)Net sales.
B)Gross profit.
C)Total costs and expenses.
D)Operating income.

Question

Quizplus · Accepted Answer

"Total costs and expenses" is not typically a separate caption or subtotal in a multiple-step income statement. Instead, costs and expenses are usually broken down into categories such as cost of goods sold, selling expenses, and general and administrative expenses, leading up to operating income.

All of the Following Captions or Subtotals Are Typical of a Multiple-Step