How To Prepare Single Step 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.

How to prepare single step income statement. The total of all revenues incomes and gains minus the total of all expenses and losses. A single step income statement is a format of income statement which uses just a single subtraction i e. A example is presented to show how a single step income statement can be created from an adjus. Single step income statement definition.

Single step income statement is a method of expressing profit and loss statement that lists all expenses including cost of goods sold in one column rather than breaking them into subcategories like operating and non operating expenses under this method you just line up each expense and calculate the total expenditure.