Question

The single-step income statement emphasizesa .the gross profit figure.b. total revenues and total expenses.c. extraordinary items and accounting changes more than these are emphasized in the multiple-step income statement.d. the various components of income from continuing operations.

Answer 1

Answer:

b. total revenues and total expenses

Explanation:

A single step income statement -

It refers to the financial statement , which contains all the costs of the goods sold in a single column , is referred to as a single step income statement  .

It helps to maintain the record for better understanding .

All the expenses and the revenues are correctly recorded and added , in order to be the best results .

Hence , from the given question ,

The correct option is b.