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

The income statement is the financial document that summarizes a company's revenues and expenses over a specific period. This statement provides a clear picture of the company's profitability, showing how much money was earned (revenues) and how much was spent (expenses) in a given timeframe, typically over a quarter or a year. The result of these calculations is the net income or loss, which indicates whether the company generated profit or incurred a loss during that period.

The other choices serve different purposes. A balance sheet provides a snapshot of a company's assets, liabilities, and equity at a specific point in time, rather than over a period. The cash flow statement tracks the inflow and outflow of cash within the business, highlighting liquidity but not detailing revenues and expenses like the income statement. Lastly, a financial position report is not a commonly standard financial statement and may not specifically refer to the components covered by the income statement, balance sheet, or cash flow statement. Therefore, the income statement stands out for its role in summarizing performance over a specified duration.