Multiple Choice (30pts) 1. Net income is: A. Assets minus liabilities. B. The same as revenue. C. An asset. D. The excess of revenues over expenses. E. The excess of expenses over equity 2. If assets are $365,000 and equity is $130,000, then liabilities are: A. $120,000. B. $245,000. C. $365,000. D. $495,000. E. $235,000. 3. A financial statement providing information that helps users understand a company's financia status, and which lists the types and amounts of assets, liabilities, and equity as of a specific date, is called a(n): A. Statement fowner's equity. B. Income statement. C. Statement of cash flows. D. Balance sheet. E. Financial Status Statement. Unearned revenues are: 4. A. Revenues that have been earned and received in cash. 8. Revenues that have been earned but not yet collected in cash. C. Liabilities created when a customer pays in advance for products or services before the revenue is earned. D. Recorded as an asset in the accounting records. E. Increases to owners' capital. 1|Page