Final answer:
The Income Statement is a temporary statement that gets closed out at the end of the accounting period.
Step-by-step explanation:
The financial statement that is a temporary statement that gets closed out is the Income Statement.
Unlike the Balance Sheet and the Statement of Retained Earnings, which show the financial position of a company at a specific point in time, the Income Statement reflects the company's financial performance over a specific period.
The Income Statement shows revenue, expenses, and net income or loss, and it is closed at the end of the accounting period to transfer the net income or loss to the Statement of Retained Earnings or the owner's equity section of the Balance Sheet.