What is another term for an income statement?

The term "profit and loss statement" is commonly used to refer to an income statement. This document summarizes the revenues, costs, and expenses incurred during a specific period, ultimately providing insight into the company's profitability. The profit and loss statement reveals how much money the business made (or lost) over the reporting period by detailing income from sales and subtracting out the costs of doing business, such as operating expenses and taxes.

The other options represent different financial documents. The balance sheet presents a snapshot of a company's assets, liabilities, and equity at a specific point in time. The cash flow statement tracks the flow of cash in and out of the business, highlighting how cash is generated and used during the period. A financial report is a broader term that could encompass various fiscal documents, including the income statement, balance sheet, and cash flow statement, but does not specifically denote the income statement itself. Thus, the term "profit and loss statement" directly aligns with the function and purpose of an income statement.