Answer:
(B) False
Step-by-step explanation:
As we know that
Net income = Total revenues - total expenses
The main difference between the single - step income statement and the multi-step income statement due to classifications
In the single - step income statement, we normally
Revenues
Total revenues (A)
Expenses
Total expenses (B)
Net income (A-B)
while in multi-step income statement,
Sales revenue
Less: Cost of goods sold
Gross profit
Less: Operating expenses
General and administrative expenses
Depreciation expense -
Profit before tax
Less: income tax
Net income
So in both the cases, the amount of the net income is equal.