The form of the statement of income that derives its name from the fact that the total of all expenses is deducted from the total of all revenues is called a
A)multiple-step statement of income.
B)revenue statement of income.
C)report-form statement of income.
D)single-step statement of income.

Question

Quizplus · Accepted Answer

The single-step statement of income is named for its simplicity, using a single step to calculate net income by subtracting total expenses directly from total revenues.

The Form of the Statement of Income That Derives Its