1) What are the two types of income? What are the differences between the two?

There are two types of income statements: single-step income statement, in which there are no sub-totals such as gross profit, operating income, earnings before taxes, etc.; and multi-step income statement, in which similar expenses are grouped together and intermediate figures such as gross profit, operating income,

on december 1, 1774, the continental association was created to boycott all contact with british goods. by reversing the economic sanctions placed on the colonists, the delegates hoped britain would repeal its intolerable acts.