xplain the difference between a$$ single$-$step and$$ multiple$-$step income statement. Which statement is more$$ transparent?

Question content area bottom

Part $1$

A$$ single$-$step income statement format combines

$$

$$

all revenues and gains and all expenses and losses into single categories

all gains and losses by function

all revenues and expenses by function

$.$

Detailed classification and numerous subcategories

$$

$$

are

are not

reflected in a$$ single$-$step income statement.

Part $2$

A$$ multiple$-$step income statement format reports several subtotals

$$

$$

before computing income from continuing operations and net income

by computing income from various investments

$.$

In$$ addition, expenses are classified

$$

$$

as liabilities

by function

$.$

Part $3$

The$$ multi$-$step income statement is

$$

$$

generally less transparent than

generally more transparent than

the$$ single$-$step income

statement.