Final answer:
True, gross profit and income from operations are reported on a multi-step income statement but not on a single-step income statement, which offers a simpler calculation of net income.
Step-by-step explanation:
The statement that gross profit and income from operations are reported on a multi-step income statement but not on a single-step income statement is true. A multi-step income statement provides a more detailed breakdown of a company's financial performance, separating operating revenue and expenses from non-operating ones and calculating both gross profit and income from operations. On the other hand, a single-step income statement uses a simpler approach, combining all revenues and expenses into a single category to derive the net income without separately listing gross profit or income from operations.