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

Question

Quizplus · Accepted Answer

The single-step income statement is favored for its simplicity because it uses a straightforward approach to calculate net income, summarizing revenues and expenses in broad categories without breaking down operating and non-operating activities separately.

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