The financial statement that reports financial data based on the revenue and expense recognition principles is: income statement.
Income statement can be defined as the statement that help to show the income and expenses or expenditure of a company at a specific period of time.
Income statement is important as it enables company to know whether their revenue is higher than their expenses or their expenses is higher than their revenue or they are making loss or profit.
Therefore the financial statement reports financial data based on the revenue and expense recognition principles is: Income statement
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