Which of the following is an acceptable method of presenting the income statement?
A) A single-step income statement
B) A multiple-step income statement
C) A consolidated statement of income
D) All of these answer choices are correct.

Question

Quizplus · Accepted Answer

All of these methods are acceptable ways to present an income statement, depending on the needs and preferences of the company and its stakeholders. A single-step income statement simply presents all revenues and expenses in one section, while a multiple-step income statement breaks down revenues, expenses, and deductions into separate categories. A consolidated statement of income is used when a company has multiple subsidiaries or affiliates that require financial reporting.

Which of the Following Is an Acceptable Method of Presenting