The balance statement is a financial statement that shows a firms profit after costs, expenses, and taxes; it summarizes all of the resources that have come into the firm (revenue), all the resources that have left the firm, expenses, and the resulting net income or net loss.This is confusing me because this definition describes an income statement, which of course is different than the balance sheet. Yet the question uses the term "balance statement", which I can't find much information on at all.

Question 27 2 pts The balance statement is a financial statement that shows a firm's profit after costs, expenses, and taxes; it summarizes all of the resources that have come into the firm (revenue), all the resources that have left the firm, expenses, and the resulting net income or net loss. O True O False