What is the effect of section 654 of the California Criminal Code on multiple punishment?

Section 654 provides in relevant part, "An act or omission that is punishable in different ways by different provisions of law shall be punished under the provision that provides for the longest potential term of imprisonment, but in no case shall the act or omission be punished under more than one provision. An acquittal or conviction and sentence under any one bars a prosecution for the same act or omission under any other." ( 654, subd. (a).) When section 654 prohibits multiple punishment, " 'the trial court must stay execution of sentence on the convictions for which multiple punishment is prohibited.' " (People v. Sanders (2012) 55 Cal.4th 731, 743.)