Answer:
Step-by-step explanation:
The financial statement summarizing a firm's accounting performance over a period of time is the income statement, also known as the profit and loss statement. The income statement shows the revenues earned by a business during a specified period of time, as well as the expenses incurred to generate those revenues. The difference between revenues and expenses is the net income or net loss of the business for the period. The income statement is an essential financial statement for investors, creditors, and other stakeholders to understand a business's financial performance and profitability.