An income statement that has one total for all revenues and one total for all expenses is known as a
A) classified income statement.
B) multiple-step income statement.
C) single-step income statement.
D) categorized income statement.

Question

Quizplus · Accepted Answer

A single-step income statement only has one total for all revenues and one total for all expenses, whereas a multiple-step income statement separates revenues and expenses into various categories to provide more detailed information. A classified income statement also separates items into categories, but does so for both the income statement and balance sheet. Therefore, the best choice is C.

An Income Statement That Has One Total for All Revenues