I need help in these questions, I have only 20 minutes, Please do not put explanation, Just tell me correct answers.

QUESTION 1 One of your friends is taking FIN 380 and need to know the definition of net income. You tell him it is: O The cost of assets consumed or services used in the process of generating revenues The increase in assets arising from the sale of a product or servke. The excess of revenues over expenses for the time period. The excess of expenses over revenues for the time period. QUESTION 2 You are examining a financial statement for your FIN 330 class and you need to know which of the following items are NOT normally shown on the dassified balance sheet as a current asset? O Accounts receivable Property. Plant & Equipment O Prepaid insurance QUESTION 3 A friend or takine EGR and has a fascia sement locaties. She needs know which the following acts the LEAST The 4 por Chick Save and Suburitto QUESTION 3 A friend of yours is taking FG8 380 and has to analyze a financial statement for a class project. She needs to know which of the following accounts is the LEAST likely to be considered a current liability? O Accounts payable Taxes payable Wages and salaries payable Mortgage payable QUESTION 4 Click Save and Sub QUESTION 4 Your friend also needs to know which of the following is NOT usually considered to be a current liability. Unearned service revenue Bonds payable Interest payable Wages payable QUESTION 5 Which of the following statements regarding liabilities is true? A liability is an obligation to perform a service or pay for one already received The failure to record a liability usually results in the failure to record an expense; therefore, income is understated if a liability is not recorded. O Liabides are never estimated because they must be verifiable, O Aliability is never classified as current if it is due in more than one year Click Save and Submit to save and submit. Click Save All Answers to all