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Q: The single-step income statement emphasizes

  • 1
    the various components of income from continuing operations
  • 2
    extraordinary items and accounting changes more than these are emphasized in the multiple-step income statement
  • 3
    total revenues and total expenses
  • 4
    the gross profit figure
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Answer : 3. "total revenues and total expenses"
Explanation :

Answer: C) total revenues and total expenses Explanation: The single-step income statement emphasizes 1. total revenues and total expenses. 2. Revenues 3. Expenses 4. Net income The primary advantage of the single step fromat lies in its simple presentation and the absence of any implication that one type of revenue or expense item has priority over another.

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