Question

An income statement is referred to as a single-step income statement because ______. Multiple choice question. the format separates total revenues from expenses and reports a single measure of income it reports only one accounting period of activity it is the first statement prepared of the 4 financial statements the assets are reported separately from liabilities and reports a single measure of stockholders' equity

Answer 1

It should be noted that An income statement is referred to as a single-step income statement because the format separates total revenues from expenses and reports a single measure of income.

What is an income statement?

An income statement can be regarded as  financial statement which helps to display company's income and expenditures.

Therefore, an income statement is An income statement is referred to as a single-step income statement.

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