Which financial statement provides insights into a company's revenue and expenses over a specific period?

The Income Statement is the financial statement that details a company's revenues and expenses over a specific period, often referred to as the "profit and loss statement." This statement provides a summary that shows how much money the company earned (revenues) and how much it spent (expenses) during a defined time frame, such as a quarter or a year. By comparing revenues and expenses, the Income Statement allows stakeholders to assess the company's profitability during that period, indicating whether the company made a profit or incurred a loss.

In contrast, the Cash Flow Statement focuses on the inflow and outflow of cash within the business, highlighting how cash is generated and used over time rather than detailing revenues and expenses directly. The Balance Sheet presents a snapshot of the company’s assets, liabilities, and equity at a particular point in time, thereby offering insight into its financial position but not its performance over a period. The Statement of Changes in Equity outlines changes in the equity section of the Balance Sheet and does not provide detailed information about revenues and expenses.