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Single-step income statement.
Companies that use single step income statement. None of the entities is given priority. This format may be appropriate and allowed for very small businesses such as sole proprietorships and partnerships. This format is most commonly used by businesses that have relatively simple operations with few line items reported.
For instance a small store that sells only mobile phones and accessories may only prepare a single-step income statement. Simpler companies that are only concerned with their net income can use the single step method when preparing their income statements. All incomes earned whether earned from main sources or earned from other.
A focus on net income. In the above example the single-step income statement is followed where all the incomes from various sources are totaled and all the expenses to different requirements are totaled. Smaller companies -- such as sole proprietorships partnerships and service companies -- generally use the single-step.
The single-step income statement presents information in a simplified format. In the single-step income statement expenses and losses are subtracted from revenue and gains to come up with one number the businesss net income. It uses a single subtotal for all revenue line items and a single subtotal for all expense line items with a net profit or loss appearing at the bottom of the report.
Suppose ABC is a USA based company. The small-sized companies that are either sole-proprietor or partnership firms often use the single-step approach when generating the income statement. An income statement is an accounting document that summarizes the net profit or loss of a company by subtracting the expenses from the income.
Some very small businesses might use a single-step income statement though most businesses and all publicly traded companies must use the multiple-step income statement as required by generally accepted accounting principles GAAP. Unlike the multi-step income statement the single-step format is more of a basic income statement without a high level of detail. Net Income Revenues Gains Expenses Losses Multi-step income statement.
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