Question

The single-step income statement differentiates between operating and nonoperating activities.

True
False

Answer 1

The single-step income statement does not differentiate between operating and nonoperating activities.

Step-by-step explanation:

The statement is true. The single-step income statement is a financial statement that presents all revenues and expenses in a single category. It does not differentiate between operating and nonoperating activities. Instead, it simply lists all the revenues and expenses incurred by a company during a given period, and the resulting net income or net loss.