What type of statement primarily details the revenues and expenses for a specific period?

The income statement is specifically designed to provide a detailed overview of a company's revenues and expenses over a particular period, typically a quarter or a year. It summarizes how much money the organization earned (revenue) and how much it spent (expenses), ultimately showing the net profit or loss for that time frame. This financial statement is crucial for understanding the company’s operational performance and profitability.

The balance sheet, in contrast, presents a snapshot of the company’s assets, liabilities, and equity at a specific point in time, not over a period. The cash flow statement focuses on the inflows and outflows of cash during a period, providing insights into liquidity and cash management rather than profitability. The statement of changes in equity outlines the movements in equity accounts, including retained earnings, but does not detail revenues and expenses like the income statement does. Thus, the income statement is the correct choice for outlining revenues and expenses for a specified timeframe.