Q: The single-step income statement emphasizes
- 1the various components of income from continuing operationsfalse
- 2extraordinary items and accounting changes more than these are emphasized in the multiple-step income statementfalse
- 3total revenues and total expensestrue
- 4the gross profit figurefalse
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Answer : 3. "total revenues and total expenses"
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.