The single-step income statement emphasizes
A)the gross profit figure.
B)total revenues and total expenses.
C)extraordinary items and accounting changes more than these are emphasized in the multiple-step income statement.
D)the various components of income from continuing operations.

Question

Quizplus · Accepted Answer

The single-step income statement presents all revenues and expenses in a single category without breaking them out into different components, unlike the multiple-step income statement. It does not emphasize any specific figures or items over others, but rather provides a straightforward summary of the company's financial performance.

The Single-Step Income Statement Emphasizes