What is a common record of all financial transactions during a specific period?

The correct choice identifies a bank statement as a common record of all financial transactions during a specific period. A bank statement is an official document provided by a banking institution detailing all transactions that have occurred in an account, including deposits, withdrawals, fees, and interest earned over a designated timeframe, typically monthly. This record is crucial for individuals and businesses to track their financial activities, assess their account balance, and reconcile personal or organizational records with what the bank has on file.

While each of the other choices relates to financial information, they serve different purposes. A balance sheet provides a snapshot of an organization’s financial position at a specific point in time, detailing assets, liabilities, and equity, rather than tracking transactions over a period. The income statement summarizes revenues and expenses over a certain period to calculate profitability but does not provide a detailed transactional history. An expense report is used to document specific expenditures and is typically submitted for reimbursement or record-keeping within an organization. Thus, a bank statement remains the most comprehensive and relevant record of all financial transactions during a specific timeframe.