Which financial document provides an overview of financial activities over a specific time period?

The income statement is the financial document that provides an overview of financial activities over a specific time period, typically a quarter or a year. It details the company’s revenues, expenses, and profits or losses during that timeframe. This statement allows stakeholders to assess how well the company has performed in terms of generating income and controlling costs, providing insights into operational efficiency and profitability.

In contrast, the balance sheet presents a snapshot of the company's financial position at a specific point in time, detailing assets, liabilities, and shareholders' equity. The cash flow statement focuses on the inflows and outflows of cash during a period, illustrating how cash is generated and used but not necessarily providing a broader view of all financial activities. Lastly, the equity statement outlines changes in ownership equity over a period, including contributions and distributions to owners, but does not summarize overall financial performance like the income statement does. Thus, the income statement is essential for understanding financial performance over a set period.