The _______________ is a financial statement that shows the change that has occurred in a firm's position as a result of its operations over a specific period.

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The Income Statement shows the financial performance of a company over a specific period of time, including revenues, expenses, gains, and losses. It serves as a summary of a company's revenues and expenses during the period and determines the net income or net loss for that period. The Balance Sheet shows the financial position of the company at a specific point in time, while the Statement of Owner's Equity explains the changes in the owner's equity section of the balance sheet. The Position Statement is not a commonly used financial statement.

The _______________ Is a Financial Statement That Shows the Change