An income statement is referred to as a single-step income statement because\ the assets are reported separately from liabilities and reports a s measure of stockholders' equity the format separates total revenues from expenses and reports a single measure of income it reports only one accounting period of activity\ it is the first statement prepared of the 4 financial statements

An income statement is referred to as a single-step income statement because the assets are reported separately from liabilities and reports a simgle measure of stockholders' equity the format separates total revenues from expenses and reports a single measure of income it reports only one accounting period of activity it is the first statement prepared of the 4 financial statements