Knowledge Check 01 Which of the followlng statements are correct regarding the two income statement formats? (Select all that apply.) Check All That Apply No specific standard dictates the format of the income statement. Companies usually report income tax expense in a separate line in the income statement regardless of the format used. The amount of net income reported in a single-step income statement will be different than that reported in a multiple-step income statement. The multiple-step format provides information that might be useful in analyzing trends