What term is used to describe financial documentation that outlines expenses and earnings?

The term "Financial Statement" refers to a formal record that provides a summary of the financial activities of an individual, organization, or entity over a specific period. It typically includes a balance sheet, income statement, and cash flow statement, allowing stakeholders to assess the financial performance and position of the entity. Financial statements are critical tools for management, investors, and other parties to understand the overall health of a business, as they encompass not only the expenses and earnings but also assets, liabilities, and equity information. This comprehensive nature makes "Financial Statement" the appropriate term for documentation that outlines both expenses and earnings, validating the significance of such records in financial reporting and analysis.

Other options like "Expense Report," "Audit Report," and "Tax Return" serve specific purposes within financial documentation but do not provide the overall picture of earnings and expenses in the same broad context as a financial statement does. An Expense Report focuses specifically on the expenses incurred, typically for reimbursement, an Audit Report evaluates the accuracy of financial statements after an examination, and a Tax Return details income taxation but is not a comprehensive view of all financial activities.