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1. Which of the following is not a drawback of the singlestep income statement? A. It does not separate operating and nonoperating items. B. It

1. Which of the following is not a drawback of the singlestep income statement?

A.

It does not separate operating and nonoperating items.

B.

It combines revenues and gains without classification.

C.

It misrepresents net income due to oversimplification.

D.

It does not classify expenses by function.

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