Analysis of the Statement of Income

Felix I. Lessambo ()
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Felix I. Lessambo: Fordham University

Chapter Chapter 12 in Financial Statements, 2022, pp 163-172 from Springer

Abstract: Abstract There are two types of Income Statement: (i) the single-step income statement, and (ii) the multiple-step income statement. A single-step income statement uses just one subtraction. This is done by subtotaling all the revenues and gains together at the top of the income statement and subtotaling all the expenses and losses together below revenues. The sum of expenses and losses is then subtracted from the sum of revenues and gains to arrive at net income. Multi-step income statement involves more than one subtraction to arrive at a net income and provides more information than a single-step income statement.

Date: 2022
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DOI: 10.1007/978-3-031-15663-2_12

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