Multiple-Step vs. Single-Step Income Statement
Multiple Step vs. Single Step Income Statement. An income statement, also known as a profit and loss statement, demonstrates a company's financial performance during a defined period of time such as a month, quarter or year. An accountant typically chooses either a multiple-step or single-step format when preparing an income statement, depending on the amount of detail he must include in the statement. A person can calculate meaningful financial ratios from numbers revealed on a multiple-step income statement.
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