What type of financial document is a Profit and Loss statement?

A Profit and Loss statement, also known as an income statement, is designed to measure income and expenses over a specific period of time. This document provides a detailed overview of revenue generated from sales and the costs incurred during that period, ultimately reflecting the company's profitability.

By summarizing operating income, gross profit, and net profit, the Profit and Loss statement enables stakeholders to assess how well a business is performing financially, indicating whether it is making or losing money. This performance analysis is crucial for decision-making both for internal management and external investors.

The other options do not accurately describe the Profit and Loss statement. A summary of assets pertains to a balance sheet, a record of cash flows relates specifically to the cash flow statement, and a list of financial assets would refer to an inventory or listing of items rather than a measure of income and expenses. Hence, the correct classification of a Profit and Loss statement is indeed that of a measure of income and expenses.