What does the "Profit and Loss" report show?

The "Profit and Loss" report, also known as the income statement, provides a comprehensive overview of a business's financial performance over a specific period. It specifically highlights three key components: total income, total expenses, and the resulting net profit or loss.

This report enables business owners to see how much revenue the company has generated, what expenses were incurred to generate that revenue, and whether the overall result for the period was a profit or a loss. Understanding these elements is crucial for assessing the company's financial health and making informed decisions moving forward.

The other options could potentially reference parts of financial statements but do not encompass the full scope of what the Profit and Loss report entails. For example, focusing solely on income or merely listing expenses and assets would miss the overall financial result that is central to the Profit and Loss analysis. Thus, the chosen answer accurately reflects the complete insight provided by this important financial statement.