Question 5 1 pts Many liabilities have the word receivable in their titles. O True O False Question 6 1 pts Equity increases when revenues are earned. True False Question 7 1 pts Which of the following statements is TRUE of an income statement? There is net income when total expenses are greater than total revenues. There is a net loss when total expenses are less than total revenue. There is a net loss when total expenses are greater than total liabilities. There is net income when total revenues are greater than total expenses. Question 8 1 pts Every accounting entry must affect both sides of the accounting function True False