Choose one of the wordings below to fill in the given blank. [table]
income statement | tax returns | customer loyalty | Airbus | data-driven Certified Public Accountant | Deloitte | accounts receivable | adaptability in changing environment | customers Chief Financial Officer | similarities | legal | acquisition | assets financial | audit | physiological | potential | Rolls Royce experience | responsible brand | survival | grain | cultural Charter Party | communication | resilience | buying | crude
[/table] The financial statement that outlines a company’s revenues and expenses over a specific period is known as an [input].

Question

BlackTom AI · Accepted Answer

We start by clarifying what the prompt is asking: fill in the blank for the financial statement that outlines a company’s revenues and expenses over a specific period.

In general, an income statement (also known as a profit and loss statement or statement of earnings) summarizes revenues and expenses to show net income or loss for a set period, such as a quarter or a year. This aligns with the typical definition of the income statement as a performance measure over time.

To evaluate potential candidates from the provided table, consider what each term represents:
- income statement: a financial statement detailing revenues and expenses over a period, matching exactly what the prompt describes.
- balance sheet (not listed): would show a company’s assets, liabilities, and equity at a point in time, not revenues and expenses over a period.
- cash flow statement (not listed): would illustrate cash inflows and outflows over a period, focusing on liquidity rather than profitability.
- other terms in the table like 'assets', 'revenue', 'audit', 'customer loyalty', or 'data-driven' refer to concepts or categories that do not correspond to the formal financial statement that tracks revenues and expenses over time.

Since the prompt specifies a period-based summary of revenues and expenses, any term that denotes a snapshot of financial position (like assets) or liquidity (like cash flow) would be inappropriate here. The most precise and conventional term among common financial statements that matches the description is the income statement.

Thus, if you were selecting from a list, you would look for the term that denotes the period-long tracking of revenues and expenses. Given the absence of explicit options in this instance, the phrase that best fits the blank is the one synonymous with a performance over time statement, commonly known as the income statement.

BUSINESS PROFESSIONALS IN SOCIETY Final Test - 29th November (Saturday - 6:00 pm to 6:45 pm) BUSINESS PROFESSIONALS IN SOCIETY Final Test - 29th November (Saturday - 6:00 pm to 6:45 pm)

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