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

The income statement is the financial statement that summarizes a company's revenues and expenses over a specific period. This statement offers a clear view of a company’s financial performance, showing how much money was earned (revenues) and how much was spent (expenses) during that timeframe. The result of the income statement is typically the net income or loss, which demonstrates the profitability of the company.

In contrast, the 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 outlines the inflows and outflows of cash, detailing how cash is generated and used in operating, investing, and financing activities but does not directly summarize revenues and expenses. The budget report is more concerned with planning future revenues and expenses and does not reflect actual performance over a specific period. Therefore, the income statement uniquely addresses the performance aspect of revenues and expenses, making it the correct answer.