Which financial document details income, expenses, and overall financial status of a business?

The income statement is the financial document that specifically details a business's income and expenses over a specified period, resulting in the net profit or loss for that time frame. It provides a comprehensive overview of a company's operational performance, showing how much money the company generated from its sales (income) and the costs incurred to run the business (expenses). By analyzing the income statement, stakeholders can assess the company's profitability, understand cost structures, and evaluate performance over time.

In contrast, the balance sheet offers a snapshot of the company’s assets, liabilities, and equity at a particular moment in time, providing insight into its financial position but not detailing income and expenses. The cash flow statement outlines the cash inflows and outflows over a specific period but does not directly summarize income and expenses in the same manner as the income statement. The term "financial statement" is a broader category that includes various reports, such as the income statement, balance sheet, and cash flow statement, but does not specifically refer to the document that details income and expenses. Thus, the income statement is the most accurate answer for the question posed.