A profit and loss report is a summary of which two elements?

A profit and loss report, also known as an income statement, specifically summarizes the revenue and expenses of a business over a certain period of time. The primary purpose of this report is to provide insight into a company's ability to generate profit by comparing the income earned (revenue) to the costs incurred (expenses).

In this context, the term "revenue" refers to the total income generated from sales of goods and services, while "expenses" encompass all costs associated with the operations of the business, such as salaries, utilities, rent, and materials. The difference between these two elements ultimately results in the net profit or loss for the business.

While the other choices include important financial concepts, they do not directly pertain to the focus of a profit and loss report. For instance, sales and costs relate closely to revenue and expenses but do not capture the complete picture of income generation and operational spending. Therefore, the correct pairing for the profit and loss report is indeed revenue and expenses.