Final answer:
No, a separate income statement does not need to be prepared for each kind of revenue. Instead, businesses typically include all sources of revenue in a single income statement.
Step-by-step explanation:
When a business has two different sources of revenue, it is not necessary to prepare a separate income statement for each kind of revenue. The income statement summarizes the revenues, expenses, and net income of a business over a specific period of time. It provides a comprehensive view of the company's financial performance.
Instead of preparing separate income statements, businesses typically include all sources of revenue in a single income statement. The income statement includes a line item for each revenue source, allowing the reader to identify and analyze the different revenue streams.
For example, a business that sells products as well as provides services would list both revenue streams on the income statement. The revenues from product sales and service fees would be recorded separately, but they would be reported together on the same income statement.