A measure of revenue and expenses during a specified accounting period is known as:

Correct option is B

The correct answer is (B) Income statement

Explanation:
• An Income Statement (also known as a Profit and Loss Account) summarizes the revenues, costs, and expenses incurred during a specific period.
• It provides information about the ability of a business to generate profit by increasing revenue, reducing costs, or both.
• It is a "flow" concept as it measures performance over a period of time (e.g., a fiscal quarter or year).
• The basic formula is: $Net Income = (Total Revenue + Gains) - (Total Expenses + Losses)$.

Information Booster:
• Along with the Balance Sheet and Cash Flow Statement, the Income Statement is one of the three primary financial statements.
• In farm management, it helps farmers evaluate the operational efficiency of their agricultural enterprise.
• Operating expenses usually include seeds, feed, fertilizers, and labor.

Additional Knowledge:
• Balance sheet (Option A): A financial statement that reports a company's assets, liabilities, and shareholders' equity at a specific point in time (a "snapshot" concept).
• Net worth statement (Option C): Similar to a balance sheet, it calculates the difference between total assets and total liabilities for an individual or business.
• Economic loss statement (Option D): This is not a standard accounting term; loss is simply the negative result shown on an Income Statement.