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All of the following statements about the multiple-step income statement are true except: It contains separate sections for other revenues and gains and other expenses
All of the following statements about the multiple-step income statement are true except: It contains separate sections for other revenues and gains and other expenses and losses. It highlights the components of net income. It contains amounts for gross profit and income from operations that would not be separately stated on a single-stop income statement It results in a higher net income than a single-step income statement
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