What financial document outlines revenues and expenses over a specific period?

The income statement is the financial document that provides a summary of revenues and expenses over a specific period of time, typically a month, quarter, or year. This document is crucial for understanding a business's financial performance, as it shows the net profit or loss incurred during that time frame. It details all sources of income and all costs incurred, allowing stakeholders to assess how effectively the organization is generating profit relative to its costs.

In contrast, a tax return is used for reporting income, expenses, and other tax-related information to the government, but it does not provide the comprehensive financial details that an income statement does over a specific time period. A balance sheet, on the other hand, captures a snapshot of a company’s assets, liabilities, and equity at a particular point in time, rather than over a period. The general ledger is a complete record of all financial transactions within a business and is more of an internal accounting tool rather than a financial statement summarizing performance over time.