Regarding income statement formats, which of the following statements is INCORRECT?

Question 44 options:

A)	A multistep income statement is the only format that allows users to evaluate the profitability of the business.

B)	A single-step income statement lists income tax expense separately from all other expenses.

C)	A single-step income statement lists all the revenues and gains together under a heading such as Revenues and Gains.

D)	A multistep income statement reports a number of subtotals to highlight important relationships between revenues and expenses.