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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.

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