165.Explain the difference between the single-step and multiple-step income statements. 166.Distinguish between selling expenses and general and administrative expenses. ...

165.Explain the difference between the single-step and multiple-step income statements.

166.Distinguish between selling expenses and general and administrative expenses.

167.Describe the difference(s) between the periodic and the perpetual inventory accounting systems.

168.Describe why tracking inventory activities are necessary for a merchandising company.