MANAGEMENT

Detailed explanation-1: -Explanation: The single step format of the income statement includes all of the revenues in one section and all of the expenses in the next section. At the bottom of the income statement total revenues are subtracted from total expenses to come up with net income or net loss.

Detailed explanation-2: -The Income Statement is one of a company’s core financial statements that shows their profit and loss over a period of time. The profit or loss is determined by taking all revenues and subtracting all expenses from both operating and non-operating activities.

Detailed explanation-3: -Earnings before taxes (also called income before taxes) is the amount of money left after all expenses and losses are subtracted from all revenue and gains.

Detailed explanation-4: -Single-Step Income Statements This straightforward document merely conveys a company’s revenue, expenses, and bottom-line net income. All revenues and gains are totaled at the top of the statement, while all expenses and losses are totaled at the bottom.

Detailed explanation-5: -A single-step income statement focuses on reporting the net income of the business using a single calculation. A multi-step income statement is more detailed and calculates the gross profit and operating income of the business using multiple calculations and an itemized breakdown.