PRACTICE TOPIC
Multi-Step Income Statement
Practice Multi-Step Income Statement with 21 accounting challenges on Accountely — instant IAS/IFRS-compliant scored feedback on every submission.
What multi-step income statement covers
A multi-step income statement separates results into stages — gross profit, operating profit, then profit before and after tax — so a reader can see which part of the business generated the result. The subtotals are the whole point: they distinguish trading performance from financing costs and one-off items.
These challenges give you a list of balances and ask for a correctly ordered statement with every subtotal in place.
Where marks are usually lost
- Missing a required subtotal, which breaks the logic of the statement.
- Classifying interest or tax as an operating expense.
- Placing other income above gross profit.
21 Multi-Step Income Statement practice challenges
TitleTypeDifficulty
Brightwell Corporation - Income Statement (Multi-Step) Income StmteasyOakridge Ltd. - Income Statement Income StmtmediumVelora Trading - Financial Statements from an Adjusted Trial Balance Multi-StatementmediumAurora Retail Corporation - Multi-step Income Statement with Discontinued Operations Income StmthardFernhollow Corporation - Income Statement Income StmtmediumRedwood Athletics - Multi-Step Income Statement (US GAAP) US GAAPIncome StmtmediumAtlas Manufacturing - Complete Cycle: Income Statement, Balance Sheet and Cash Flow Multi-StatementhardAldermoor Trading - Multi-Step Income Statement (IFRS) Income StmtmediumMaplewood Outfitters - Multi-Step Income Statement with a Periodic COGS Schedule Income StmtmediumCalloway Group - Diluted EPS with Share Options (Treasury Stock Method) Income StmthardFairhaven Trading - Financial Statements with an Allowance for Doubtful Accounts Multi-StatementmediumHarbor Freight Co. - Multi-Step Income Statement (US GAAP) US GAAPIncome StmtmediumHarborview Trading - Periodic System: Income Statement and Balance Sheet Multi-StatementhardThornbury Imports - Periodic Multi-Step Income Statement (IFRS) Income StmtmediumVantage Electronics - Multi-Step Income Statement (US GAAP) US GAAPIncome StmtmediumSilverpine Group - Income Statement with Basic and Diluted Earnings per Share Income StmthardAshford Trading - Multi-Step Income Statement (US GAAP) US GAAPIncome StmtmediumCobalt Ridge Ltd - Three Statements with a Non-cash Share Issue for Equipment Multi-StatementhardKestrel Group - Discontinued Operations: Income Statement and Statement of Financial Position Multi-StatementhardHalcyon Digital - Diluted Earnings per Share with Convertible Bonds Income StmthardSilvergate Products - Income Statement and Direct-Method Cash Flow with Supporting Schedules Multi-Statementhard