An advantage of the single-step income statement over the multiple-step form is
A)the amount of information it provides.
B)its comprehensiveness.
C)its simplicity.
D)its use in calculating ratios.

Question

Quizplus · Accepted Answer

The single-step income statement is simpler because it only presents revenues and expenses in one category instead of separating them into operating and non-operating categories like the multiple-step form. The simplicity makes it easier for users to understand the company's financial performance without getting bogged down by detailed information.

An Advantage of the Single-Step Income Statement Over the Multiple-Step