Accounting Dictionary

Single-Step Income Statement

A single step income statement has three main parts: Revenue, Expenses, and Net Income. In a single step Income Statement all the revenues are added together to get total revenue. All the expenses are added together to get total expenses. Expenses are subtracted from Revenue to get Net Income.

In contrast, a multi-step income statement categorizes the revenues and expenses to create additional sections such as Sales, Net Sales, Cost of Goods Sold, Income from Operations, Other Revenues and Expenses, Extraordinary Income or Loss, and Net Income.

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