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How do you xxplain how multiple-step and single-step income statements differ?
Wiki User
∙ 10y ago
The difference is the layout of the statement. Examples are as follows: Single Step Revenues XXX
Gains XXX
Total Revenue XXX
Expenses XXX
Losses XXX
Total Expenses XXX Net Income XXX Multistep Revenue XXX
Cost of Goods Sold XXX
Gross Profit XXX
Gains XXX
Losses XXX
Other Expenses XXX
Net Income XXX As you can tell the multistep contains a lot more subtotals however both will result in the same net income figure.
Wiki User
∙ 16y ago
Wiki User
∙ 10y agoThe multiple-step form of income statement contains various sections for revenues and expenses, with intermediate balances, and concludes with net income. In the single-step form, the total of all expenses is deducted from the total of all revenues. There are no intermediate balances.
Wiki User
∙ 9y agoThere is one difference and that is in multi step statement cost of goods sold is shown with detail calculations while in single step statement cost of goods sold information is provided as a single line only.
Wiki User
∙ 10y agoA business would use a multiple-step income statement because it allows management to review selected expenses rather than sorting through a complete list by giving detailed information.
Wiki User
∙ 9y agoIn single step system cost of goods sold is shown in single line while in muli step system all details for calculating cost of goods sold is also provided.
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