A Single-Step Income Statement Reports All Revenues, Both Operating and Other

question 165

True/False

A single-step income statement reports all revenues, both operating and other revenues and gains, at the top of the statement.

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Definitions:

Dividend Revenue

Income received from owning shares in a company which distributes a portion of its earnings to its shareholders.

Insignificant Influence

A term describing an investor's lack of power to affect the operating and financial policies of the investee company.

Gain

The financial benefit obtained when the amount earned from a financial transaction exceeds the amount spent.

Comprehensive Income

An inclusive measure of income which includes both net income and other comprehensive income, capturing all changes in equity not resulting from transactions with owners.