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Basic Question 6 of 11

The first expense deduction from sales on the multiple-step format of the income statement is ______.

A. cost of goods sold
B. advertising expense
C. depreciation and amortization
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User Contributed Comments 2

User Comment
albert2008 Isn't COGS the first deduction for single step as well?
JGoff COGS = Cost Of Goods Sold
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Edward Liu

Edward Liu

Learning Outcome Statements

evaluate a company's financial performance using common-size income statements and financial ratios based on the income statement

CFA® 2025 Level I Curriculum, Volume 2, Module 2.