Single-step income statements are more widely used in practice than multistep income statements.

Name: Single-step income statements are more widely used in practice than multistep income statements.
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Multistep income statements are more commonly used in practice because they provide more detail and allow for better analysis of a company's revenue sources and expenses. Single-step income statements simply list total revenue and subtract total expenses to arrive at net income.

Single-Step Income Statements Are More Widely Used in Practice Than