When comparing the two income statements, the single-step income statement has an advantage over the multiple-step income statement, because

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04-02-2022
Business

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When comparing the two income statements, the single-step income statement has an advantage over the multiple-step income statement, because

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Tundexi Tundexi · Answer 1 · 2022-02-16T10:35:33+01:00

The advantage that single-step income statement has an over the multiple-step income statement is that they do not imply that one type of revenue or expense has priority over another.

What is an income statement?

In accounting, an income statement means a financial statement that shows the firm's income and expenditures.

In conclusion, the advantage that single-step income statement has an over the multiple-step income statement is that they do not imply that one type of revenue or expense has priority over another.