Which financial statement summarizes a company's revenue and expenses over a period of time?

The Income Statement is the financial statement that summarizes a company's revenues and expenses over a specific period, such as a quarter or a year. This statement provides insight into the company's financial performance, showing how much money was generated through sales and how much was spent on various operating expenses. The difference between total revenues and total expenses results in the net income or loss for that period, which is crucial for stakeholders to evaluate the company's profitability.

The Balance Sheet, on the other hand, presents a snapshot of a company's financial position at a single point in time, detailing assets, liabilities, and equity rather than summarizing performance over a period. The Revenue Statement is not a standard financial statement and does not encapsulate both revenue and expenses; it could be seen informally as a report detailing revenues only. Finally, an Expense Report typically outlines expenses incurred for a specific project or timeframe but does not provide a holistic view of both revenue and overall expenses, which the Income Statement effectively delivers.