True. An income statement is one of the main financial documents used to track a company's financial performance over a period of time.
Financial documents are records that provide evidence of financial activities. They are used to track and monitor the financial transactions of a business, individual, or other entity. Examples of financial documents include bank statements, invoices, purchase orders, payroll records, payment records, tax documents, and loan documents. Financial documents provide information such as the amount of money spent, the source of money, and the purpose of the expenditure. They are essential for businesses and individuals to keep accurate records of their financial activities and to ensure that all financial transactions are properly reported and accounted for. Financial documents are also a critical tool for internal and external audits, as they provide an accurate and detailed account of all financial activities.
It summarizes a company's revenue and expenses, allowing investors to assess potential investments and compare the company's performance with others in the industry.
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