The form of 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

The form of income statement that deducts total expenses from total revenues in one step is called a single-step statement. The other options, such as multiple-step statement, revenue statement, or report-form statement, do not necessarily follow this format.

The Form of Income Statement That Derives Its Name from the Fact