QUESTION 7 When expenses exceed revenues, which of the following is true? a. a net loss results ob. a net income results O c. assets are increased o d. assets equal liabilities QUESTION 8 Choose the best way to complete the following sentence: A credit to a liability account... O a. is an accounting error. o b. must be accompanied by a debit to an asset account. O c. indicates an increase in the amount owed to lenders. O d. indicates a decrease in the amount owed to lenders. QUESTION 9 The accounting equation may be expressed as o a. Assets + Liabilities - Stockholders' Equity b. Assets = Stockholders' Equity - Liabilities O c. Assets + Stockholders' Equity = Liabilities o d. Assets = Liabilities + Stockholders' Equity