What is a Single Step Income Statement? Definition Meaning Example
The small-sized companies that are either sole-proprietor or partnership firms often use the single-step approach when generating the income statement. For instance, a small store that sells only mobile phones and accessories may only prepare a single-step income statement. Due to the diminutive size of business and limited variations of business activities, preparing the single-step income statement is sufficient enough for their business. Some companies prefer to use the single-step approach, whereas others will have to prepare the report using the multi-step method, abiding by the country’s law. Ask a…
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