The form of income statement that derives its name from the fact that the total of all expenses is deducted from the total of all revenues is called a

A) multiple-step statement
B) revenue statement
C) report-form statement
D) single-step statement

Single-step Statement

A simple form of income statement that calculates net income by subtracting total expenses from total income in one step.

Multiple-step Statement

An income statement that separately reports operating and non-operating activities, making it easier to understand the financial results.

Income Statement

A financial statement that shows a company's revenue and expenses over a specific period, revealing net profit or loss.