Which financial statement summarizes a company's revenues and expenses over a specific period?

The profit and loss statement, commonly referred to as the income statement, is designed specifically to summarize a company's revenues and expenses over a specified period. This statement provides a clear overview of how much money the company earned through its operations (revenues) and how much it spent to generate that income (expenses). The result is the net income or loss for that period, which reflects the company's profitability.

In contrast, the balance sheet provides a snapshot of a company's financial position at a single point in time, detailing assets, liabilities, and equity, rather than summarizing financial performance over a period. The statement of cash flows focuses on the inflows and outflows of cash within the company, showing how cash is generated and used across operating, investing, and financing activities. The trial balance serves as an internal report that lists all accounts and their balances to ensure that total debits equal total credits, but it does not provide a summary of revenues and expenses. Each of these serve different purposes, but the profit and loss statement is the key document for summarizing revenues and expenses for a designated timeframe.