Which of the following best describes the income statement's content?

The income statement provides a comprehensive overview of a company's financial performance over a specific period, typically a year or a quarter. It details both revenues and expenses associated with the core operational activities of the business. Revenues represent the total income generated from selling goods or providing services, while expenses reflect the costs incurred in the process of generating those revenues. This relationship is fundamental to determining net income or loss, which indicates how well the company is performing financially.

By encompassing both revenues and expenses related to operational activities, the income statement gives stakeholders, such as investors and creditors, crucial insights into the company's profitability and operational efficiency. This dual representation allows for a clearer understanding of financial outcomes and the effectiveness of management in utilizing resources to generate profits. In contrast, the other options do not capture this essential interplay of revenue generation alongside the costs incurred in doing so.