single-step income statement, multiple-step income statement, profitability, markup, gross profit margin, operating profit margin, net profit margin, GAAP, earnings smoothing, earnings management, audit, accounting firm, auditing firm, audit opinion, ACCA, CPA, corporate taxes, taxable income, tax rate, income tax, income tax liability, marginal tax rate, average tax rate, balance sheet, assets, liabilities, equity, owner's equity, capital, book value, market value, replacement value, long-term assets, short-term assets, current assets, fixed assets, plant and equipment, gross plant and equipment, net plant and equipment, land, buildings, depreciation, annual depreciation, depreciation rate, accumulated depreciation, payables, account payables, salaries payable, taxes payable, notes payables, long-term debt,