Which one of the following would not appear on a single-step statement of income?
A)gross profit
B)expenses
C)sales revenues
D)cost of goods sold

Question

Quizplus · Accepted Answer

In a single-step income statement, revenues and expenses are presented in a simple format without breaking down the costs into categories like gross profit and cost of goods sold. Gross profit is calculated by subtracting cost of goods sold from sales revenues, and it is typically reported in a multi-step income statement, not a single-step one.

Which One of the Following Would Not Appear on a Single-Step