The form of the income statement that derives its name from the fact that the total of all expenses is deducted from the total of all revenues is called a
A)multiple-step income statement.
B)revenue income statement.
C)report-form income statement.
D)single-step income statement.

Question

Quizplus · Accepted Answer

The single-step income statement subtracts total expenses from total revenues in one step, hence the name "single-step." The other options either do not focus on this direct calculation (multiple-step) or do not have a specific name related to this calculation (revenue and report-form).

The Form of the Income Statement That Derives Its Name