Q:
      
      
         
            
The single-step income statement emphasizes
         
       
      
      
      
          
      
      
          Answer & Explanation
         Answer: C) total revenues and total expenses         
         
Explanation: The single-step income statement emphasizes
1. total revenues and total expenses.
2. Revenues
3. Expenses
4. Net income
The primary advantage of the single step fromat lies in its simple presentation and the absence of any implication that one type of revenue or expense item has priority over another.
       
      
      
      
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