x Question 5.7 The financial statement that presents a summary of the revenues and expenses of a business for a specific period of time, such as a month or year, is called a(n): 2 points O income statement O statement of owners equity. o balance sheet O prior period statement. * Question 5.8 The accounting equation may be expressed as: 2 points O Assets- Liabilties Owner's Equity O Assets Equities- Liabilities O Assets + Liabilities - Owner's Equity O Assets - Revenues - Liabilities * Question 5.9 Debts listed as current liabilities are those that: 2 points o are due to be paid in 5 to 10 years O will be paid in less than one year O are owed to the owner and will never be paid. O are due to be paid in more than one year