A single-step income statement reports all revenues both operating and other revenues and gains at the top of the statement.

Name: A single-step income statement reports all revenues both operating and other revenues and gains at the top of the statement.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A single-step income statement presents all the revenues and gains in a single section at the top, followed by all the expenses in a separate section, which is deducted from the revenues to arrive at the net income.

A Single-Step Income Statement Reports All Revenues Both Operating and Other