Which of the following is an advantage of the single-step income statement over the multiple-step income statement?
A) It reports gross profit for the year.
B) Expenses are classified by function.
C) It matches costs and expenses with related revenues.
D) It does not imply that one type of revenue or expense has priority over another.

Question

Quizplus · Accepted Answer

The single-step income statement does not imply that one type of revenue or expense has priority over another, which is an advantage over the multiple-step income statement that may highlight certain revenues or expenses as more important.

Which of the Following Is an Advantage of the Single-Step