Q:
The single-step income statement emphasizes
Answer & 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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