The single-step income statement emphasizes:
A) the gross profit figure.
B) total revenues and total expenses.
C) Unusual or infrequent items.
D) the various components of income from continuing operations.

Question

Quizplus · Accepted Answer

The single-step income statement emphasizes total revenues and total expenses, as it lists all of the income and expenses in one section without breaking them down into separate categories. It does not give emphasis to gross profit, unusual or infrequent items, or the various components of income from continuing operations.

The Single-Step Income Statement Emphasizes