Which of the following is not a drawback of the single-step income statement?
A)It does not separate operating and non-operating items.
B)It combines revenues and gains without classification.
C)It does not classify expenses by function.
D)It misrepresents net income due to oversimplification.

Question

Quizplus · Accepted Answer

The single-step income statement does not misrepresent net income due to oversimplification; it simply presents all revenues and gains together and all expenses and losses together, which is a straightforward approach.

Which of the Following Is Not a Drawback of the Single-Step