What is the accounting term for a financial statement showcasing revenues and expenses over a certain period?

The income statement is the accounting term that refers to a financial statement which summarizes revenues and expenses over a specific period of time, typically a fiscal quarter or year. This statement is crucial for understanding a company's financial performance, as it illustrates how much money was generated through core operations and how much was spent in expenses during that timeframe. The difference between revenues and expenses results in either a net profit or a net loss, providing a clear snapshot of profitability.

In contrast, the balance sheet focuses on a company's assets, liabilities, and equity at a single point in time, rather than over a period. The cash flow statement outlines the inflow and outflow of cash and helps assess a business’s liquidity but does not center on revenues and expenses in the same manner. The statement of retained earnings presents changes in equity from profits or losses and dividends but does not detail revenue and expense components directly. Thus, the income statement is uniquely positioned to show the operational results of a company over the designated period.