A firm's ________ reports the profit or loss for the firm over a specified time period.

Question

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The income statement is the financial statement that reports the profit or loss for a firm over a specified time period, typically a quarter or a year. The balance sheet reports the firm's assets, liabilities, and equity at a specific point in time, while the statement of cash flows reports the firm's cash inflows and outflows over a specified time period. A bank statement is a record of transactions and balances in a bank account.

A Firm's ________ Reports the Profit or Loss for the Firm