Define what the income statement reports by completing the following sentence: The income statement describes a company's Blank 1 of 2(assets/revenues) and Blank 2 of 2(expenses/liabilities) along with the resulting net income or loss over a period of time due to earnings related activities.

The income statement describes a company's revenus and expenses.

Explanation:

The income statement is one of the most important financial statements, along with the balance sheet and the statement of cash flows.

The income statement shows the company's revenues and expenses over a specific period of time, usually a year, but it can be a shorter period of time.

The resulting substraction between revenues and expenses results in the company's net income or profit for the corresponding period.

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