The financial statement that summarizes revenues and expenses for a period of time is the income statement.
What is the income statement?
One of the crucial financial statements seen in the books of accounts is the income statement. The income statement displays the revenue earned by the company throughout the current fiscal year.
After analyzing various profits and revenue, the accountant determines the income and expenses. the income statement, which is often referred to as the profit and loss statement or the income and expense statement, primarily focuses on the income and expenses of a business for a specific time period.
Thus, it is an income statement.
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