The single-step income statement emphasizes
A) the gross profit figure.
B) total revenues and total expenses.
C) operating and non-operating expenses.
D) the various components of income from continuing operations.

Question

Quizplus · Accepted Answer

The single-step income statement shows total revenues and total expenses in one simple statement. It does not separate out operating and non-operating expenses or the various components of income from continuing operations. The emphasis is on the overall profitability of the business.

The Single-Step Income Statement Emphasizes