The Financial Statement that summarizes the Revenues and Expenses for a period of time is the ?

The Statement that summarizes all the Changes in Owner's Equity during a period of time is the Capital Statement.

Net Income or Profit results when Expenses exceed Revenues.

The Financial Statement that shows the amount and makeup of a business's assets, liabilities, and owner's equity at a specific point in time is the ?

All Balance Sheets have the same basic categories of Income and Expenses.

The Income Statement is often referred to as the Profit and Loss Statement.

Businesses that sell products have a special section in their Income Statements called Cost Of Goods Sold

A Balance Sheet is a "picture" of a business's financial position at a specific point in time.

A Balance Sheet is also known as a Statement of Financial Position.

The Income Statement is a "formal" representation of the Accounting Equation.