The form of the income statement that derives its name from the fact that the total of all expenses is deducted from the total of all revenues is called a
A)multiple-step statement.
B)revenue statement.
C)report-form statement.
D)single-step statement.

Question

Quizplus · Accepted Answer

A single-step income statement derives its name from the fact that it involves a single subtraction of total expenses from total revenues to arrive at net income.

The Form of the Income Statement That Derives Its Name