There are two formats for income statements,a(n)
A)single-step and multiple-step format.
B)revenue-only and revenue and expense format.
C)owners' equity and balance sheet format.
D)cash flow and retained earnings format.

Question

Quizplus · Accepted Answer

The two formats for income statements are the single-step and multiple-step format. This is because these two formats are commonly used in financial reporting to present the revenue, expenses, gains, and losses of a company. The revenue-only and revenue and expense format, owners' equity and balance sheet format, and cash flow and retained earnings format are not formats for income statements but for other financial statements.

There Are Two Formats for Income Statements,a(n)