Match the following definitions with the appropriate terms.
-A widely used income statement format that lists cost of goods sold as another expense and shows only one subtotal for total expenses.

Question

Quizplus · Accepted Answer

The single-step income statement format lists all revenues and gains together and all expenses and losses together, resulting in a single step to determine net income. It treats cost of goods sold as another expense and does not separate operating from non-operating activities, thus showing only one subtotal for total expenses.

Match the Following Definitions with the Appropriate Terms