The single-step income statement format combines all revenues and expenses into a single category and all gains and losses into another single category.

Name: The single-step income statement format combines all revenues and expenses into a single category and all gains and losses into another single category.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

The single-step income statement format combines all revenues and gains into one category and all expenses and losses into another, not separately categorizing gains and losses.

The Single-Step Income Statement Format Combines All Revenues and Expenses