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A(n) ____ is a summary of a firm's revenues and expenses during a specified accounting period, such as a year.

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An income statement is a summary of a firm's revenues and expenses during a specified accounting period, such as a year. An income statement is a financial statement that lists the revenue and expenses of the company. This document can be used by the business owners to determine whether their strategies were successful.

Additionally, it displays a company's profit or loss over a specific time frame. The income statement, along with the balance sheet and cash flow statement, aids in your comprehension of your company's financial situation. Additionally, it demonstrates the revenues of the plans the company made at the start of a certain fiscal year.

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