An income statement

A) summarizes the changes in owner's equity for a specific period of time.
B) reports the changes in assets liabilities and owner's equity over a period of time.
C) reports the assets liabilities and owner's equity at a specific date.
D) presents the revenues and expenses for a specific period of time.

Income Statement

A financial statement that shows a company's revenues and expenses over a specific period, leading to net income or loss.

Owner's Equity

The residual interest in the assets of a business after deducting liabilities, representing the ownership interest of the shareholders or owner.

Revenues

The total income generated from the sale of goods or services related to a company’s primary operations.