Final answer:
The statement that shows a firm's revenues, costs, and whether it made a profit or loss during a specific period is called the Income Statement.
Step-by-step explanation:
The statement that shows a firm's revenues, costs, and whether it made a profit or loss during a specific period is called the Income Statement. The Income Statement is a financial statement that summarizes the revenues, expenses, and net income of a company. It provides information about a company's financial performance over a specific period of time, typically a month, quarter, or year.
In the case of the self-check question provided, the firm's accounting profit can be calculated by subtracting the total costs (labor, capital, and materials) from the total revenues. In this case, the firm's accounting profit would be $50,000 ($1,000,000 - $600,000 - $150,000 - $200,000).