An expected statement of expenses, revenue and income for a specified period is known as:

Budget

The correct answer is option 2- Budget.

An expected statement of expenses, revenue and income for a specified period is known as Budget.

A budget is a statement of expected results expressed in numerical terms. It is a plan which quantifies future facts and figures. For example, a sales budget may forecast the sales of different products in each area for a particular month. A budget may also be prepared to show the number of workers required in the factory at peak production times. Since budget represents all items in numbers, it becomes easier to compare actual figures with expected figures and take corrective action subsequently. Thus, a budget is also a control device from which deviations can be taken care of. But making a budget involves forecasting, therefore, it clearly comes under planning. It is a fundamental planning instrument in many organisations. 

OTHER OPTIONS

• Profit and Loss Account- It is also known as an Income Statement, this document shows the actual financial performance of a business over a specific period (e.g., a month, quarter, or year).
• A balance sheet shows the financial position of a business at a specific point in time (not over a period).
• A cash account is part of the accounting records where all cash transactions are recorded. It tracks actual inflows and outflows of cash.