Multiple-step income statements:

A) Are required by the FASB and IASB.
B) Contain more detail than a simple listing of revenues and expenses.
C) Are required for the periodic inventory system.
D) List cost of goods sold as an operating expense.
E) Are only used in perpetual inventory systems.

Multiple-step income statements contain more detail than a simple listing of revenues and expenses. They also include calculations of gross profit and operating income, and can be used with both periodic and perpetual inventory systems. They list cost of goods sold separately from other operating expenses. The FASB and IASB do not require a specific format for income statements, but generally require companies to provide enough detail for investors and analysts to understand the company's financial performance.