Which of the Following Is Not a Drawback of the Single-Step

question 4

Multiple Choice

Which of the following is not a drawback of the single-step income statement?

• A) It does not separate operating and non-operating items.
• B) It combines revenues and gains without classification.
• C) It does not classify expenses by function.
• D) It misstates net income due to oversimplification.

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Definitions:

Homophobia

Prejudice, fear, or hatred towards individuals who are homosexual or perceived as such.

Heterosexism

A system of attitudes, bias, or discrimination in favor of opposite-sex sexuality and relationships, often marginalizing non-heterosexual forms of love and identity.

Lesbian

A woman in a same-sex relationship who is romantically and/or sexually attracted to women.

Heterosexual

Describing individuals whose sexual and romantic interests are primarily targeted towards people of the opposite sex.