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

Question

Quizplus · Accepted Answer

The single-step income statement lists all revenues and expenses in a single section, making it easy to see the total amounts for each. It does not provide information on gross profit, discontinued operations, accounting changes, or income from continuing operations separately.

The Single-Step Income Statement Emphasizes