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Multiple-step income statements: Are required by the FASB. Contain more detail than a simple listing of revenues and expenses. Are required for the perpetual inventory
Multiple-step income statements:
Are required by the FASB. | |
Contain more detail than a simple listing of revenues and expenses. | |
Are required for the perpetual inventory system. | |
List cost of goods sold as an operating expense. | |
Can only be used in perpetual inventory systems. |
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