QUESTION 34 Net Income may be defined as follows: 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 service O The excess of revenues over expenses for the time period The excess of expenses over revenues for the time period QUESTION 35 Cash, Accounts Receivable and Prepaid Insurance will be classified on a balance sheet as: Current assets Long-term assets O Intangible assets Permanent assets QUESTION 36 ul. De