Chapter 4 - Income Statement and Related Information - Review and Practice - Using Your Judgment - Accounting, Analysis, and Principles - Page 193: Analysis

A multi-step income statement offers a succinct distinction between the sales revenues, gross profit, income from operations and comprehensive income (which factors in "Other revenues, gains, expense and losses"). The multi-step income statement provides sufficient details broken down into distinct sections, making it better than the single-step income statement for a user who needs specific details and breakdown.

A multi-step income statement offers a succinct distinction between the sales revenues, gross profit, income from operations and comprehensive income (which factors in "Other revenues, gains, expense and losses"). The multi-step income statement provides sufficient details broken down into distinct sections, making it better than the single-step income statement for a user who needs specific details and breakdown.