A ________ statement is a financial statement that summarizes the revenue, costs, and expenses incurred during a specific period of time.

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A profit and loss statement, also known as an income statement, summarizes a company's revenues and expenses over a specific period of time and calculates its net income or loss for that period. A balance sheet summarizes a company's assets, liabilities, and equity at a specific point in time. Liabilities owed is not a type of financial statement, and a pro forma statement is a projected financial statement based on assumptions and forecasts.

A ________ Statement Is a Financial Statement That Summarizes the Revenue