Which financial statement reports a company's revenue and expenses over a specific time period?

The Income Statement is the financial statement that specifically reports a company's revenue and expenses over a defined time period, giving a clear view of its profitability during that period. This statement outlines how much money the company earned (revenues) and how much it spent (expenses), ultimately calculating net income or loss. It is essential for assessing the company's operational efficiency and financial performance over time.

In contrast, the Balance Sheet provides a snapshot of a company's assets, liabilities, and shareholders' equity at a single point in time, rather than over a period. The Cash Flow Statement focuses on the cash inflows and outflows, detailing the company's liquidity and cash management but does not summarize revenues and expenses. Lastly, the Statement of Shareholders' Equity outlines changes in equity, reflecting factors such as retained earnings and dividends paid, but also does not encompass revenue and expenses. Thus, the Income Statement is the appropriate choice when analyzing financial performance over a specific timeframe.