An Advantage of the Single-Step Income Statement Over the Multiple-Step

question 63

Multiple Choice

An advantage of the single-step income statement over the multiple-step form is

• A)the amount of information it provides.
• B)its comprehensiveness.
• C)its simplicity.
• D)its use in computing ratios.

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Definitions:

Bony Fish

A group of fish characterized by having a skeleton primarily composed of bone rather than cartilage.

Ray-Finned Fish

Aquatic vertebrates characterized by fins supported by bony spines or rays, constituting the largest group of fish.

Coelacanth

An ancient order of fish thought to be extinct for millions of years until a living specimen was found in 1938, known for its lobed fins.

Extraembryonic Membranes

Tissue layers formed outside the embryo that provide protection, nutrition, waste removal, and gas exchange for the developing fetus.