In accounting, the single step income statement format places primary emphasis on which of the following aspects?

Introduction / Context:
Financial statements can be presented in different formats depending on the level of detail required. The income statement is a key report that summarises the performance of a business over a period. Two common formats are the single step and the multiple step income statements. This question asks about the main emphasis of the single step income statement format, which is a fundamental concept in basic accounting and commerce courses.

Given Data / Assumptions:

• The question refers specifically to the single step income statement.
• Options mention components of income from continuing operations, extraordinary items, total revenues and total expenses, gross profit, and the distinction between operating and non operating items.
• We assume standard textbook definitions of single step and multiple step formats.
• The aim is to identify which aspect is central to the single step presentation.

Concept / Approach:
In a single step income statement, all revenues are grouped together and all expenses are grouped together. The net income is then calculated in a single step as total revenues minus total expenses. This format does not emphasise intermediate subtotals such as gross profit or income from operations and does not give detailed classifications between operating and non operating items. The central idea is simplicity through aggregation, focusing on the overall totals rather than detailed breakdowns.

Step-by-Step Solution:
Step 1: Recall that in a single step income statement, revenues and gains are listed in one section, and expenses and losses are listed in another section.Step 2: Note that net income is obtained by subtracting total expenses from total revenues in a single calculation.Step 3: Observe that there is no explicit gross profit subtotal or separate presentation of operating and non operating sections like in a multiple step format.Step 4: Compare these characteristics with the options provided.Step 5: Conclude that the single step format emphasises total revenues and total expenses, which directly lead to net income.

Verification / Alternative check:
Standard accounting textbooks and reference materials define the single step income statement as one that summarises data into broad categories of total revenues and total expenses. Any reader who has seen an example of such a statement will notice that headings like sales, service revenue, and other income are grouped into a total revenues section, while cost of goods sold, salaries, rent, and other expenses are grouped into a total expenses section. The net result is presented as net income or net loss. This verifies that emphasis lies on totals rather than detailed components.

Why Other Options Are Wrong:
The various components of income from continuing operations are highlighted more clearly in multiple step statements, not in the single step format. Extraordinary items and accounting changes, where relevant, are disclosed but are not the primary emphasis of the single step design. The gross profit figure is a key subtotal in a multiple step income statement that shows sales minus cost of goods sold, and it is not separately highlighted in the single step approach. The distinction between operating and non operating items is also more characteristic of multiple step formats. Hence those alternatives do not correctly describe the main emphasis.

Common Pitfalls:
Students sometimes confuse multiple step and single step statements because both ultimately arrive at net income. They may incorrectly assume that gross profit must always be shown, or that operating income is always highlighted. To avoid such confusion, remember that the single step format focuses on simplicity, aggregating all revenues and all expenses into two totals, while the multiple step format provides more detailed interim subtotals such as gross profit and income from operations.

Final Answer:
Total revenues and total expenses are the primary focus and emphasis of the single step income statement format.