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______ is defined as being "three dimensional" and puts the user in the environment.
Single-Step Income Statement
A simplified income statement that calculates net income or loss by subtracting total expenses from total revenues in one step.
Multiple-Step
An income statement format that segregates operating revenues and expenses from non-operating revenues, expenses, gains, and losses.
Revenues
Revenue that comes from regular business activities, factoring in discounts and allowances for products that are returned.
Expenses
The outflows or using up of assets or incurring of liabilities during a period from delivering goods, rendering services, or carrying out other activities that constitute the entity’s ongoing major operations.
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