A single-step income statement is a format that
A) compares the current year's income with last year's income.
B) recognizes subtotals at intermediate stages such as gross margin.
C) combines revenues and gains and subtracts from them expenses and losses,resulting in income from operations.
D) reports sales revenue,cost of goods sold,gross margin,and all other expenses.

Question

Quizplus · Accepted Answer

A single-step income statement combines revenues and gains and subtracts from them expenses and losses, resulting in income from operations. It does not show subtotals at intermediate stages like gross margin, and it does not compare current year income with last year income. It does include all revenues, cost of goods sold, and expenses in a single section.

A Single-Step Income Statement Is a Format That