Other revenues and expenses appears as a separate section on a single-step income statement.

Name: Other revenues and expenses appears as a separate section on a single-step income statement.
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Question

Quizplus · Accepted Answer

In a single-step income statement, revenues and expenses are not broken down into separate sections like "Other Revenues and Expenses"; instead, all revenues are totaled together and all expenses are totaled together, resulting in a single step to arrive at net income.

Other Revenues and Expenses Appears as a Separate Section on a Single-Step