Which financial statement shows the revenue and expenses for a specific fiscal period?

The income statement is the financial statement that specifically presents a company's revenues and expenses over a designated fiscal period. This statement is essential for assessing the financial performance of a business, as it details how much money the company earned (revenues) and how much it spent (expenses) during that time frame, leading to either a profit or a loss.

The income statement typically starts with total revenues, subtracts the total expenses, and shows either a net income if revenues exceed expenses or a net loss if expenses surpass revenues. It is a critical tool for stakeholders, including management, investors, and creditors, to evaluate operational efficiency and profitability.

In contrast, other statements serve different purposes. The balance sheet provides a snapshot of a company’s assets, liabilities, and equity at a specific point in time rather than a period. The profit and loss statement, while often referred to interchangeably with the income statement, is not the formal term used in accounting standards. The equity statement reflects changes in equity accounts over a period, focusing more on the ownership stake rather than operational performance. Therefore, the income statement is the correct answer, as it explicitly captures the financial results of operations for a specific fiscal period.