Most real-world income statements are presented using which format? a. Multiple-step. b. Single-step. c. Magnitude-step. d. Inco

Question

fenix001 [56]

4 years ago

10

Most real-world income statements are presented using which format? a. Multiple-step. b. Single-step. c. Magnitude-step. d. Inco

me-step.

Social Studies

1 answer:

omeli [17] · Answer 1 · 2021-11-27T08:08:29+03:00

Answer:

a. Multiple-step.

Explanation:

Most real-world income statements are presented using multiple-step format, in multiple-step format, the operating expenses and operating revenues are separated from the non-operating expenses and non operating revenues respectively and from the gains and losses. Contrary to the single-step approach which only gives a simple accounting of a businesses net income without segregating the operating expenses and operating revenue.