Final answer:
The income statement reports a business's net income or net loss over a fiscal period. It summarizes revenues, expenses, and profit or loss.
Step-by-step explanation:
The income statement reports a business's net income or net loss over an entire fiscal period. It is a financial statement that summarizes the revenues, expenses, and resulting profit or loss for a specific period of time, usually a year or a quarter. The income statement shows how well a business has performed in terms of generating profits, and it is an important tool for investors, creditors, and analysts to assess a company's financial health.