An advantage of the single-step income statement over the multiple-step form is
A)the amount of information it provides.
B)its comprehensiveness.
C)its simplicity.
D)its use in computing ratios.

Question

Quizplus · Accepted Answer

The single-step income statement is simpler because it consolidates all revenues and expenses into two categories, making it easier to prepare and understand.

An Advantage of the Single-Step Income Statement Over the Multiple-Step