virtual machines – Can hackers compromise a GCE VM to the point that they take control of your Google Account?

I would like to set up a LAMP (Linux, Apache, MySQL, PHP) server on a Google Compute Engine virtual machine instance.
I have a basic understanding of cloud computing. I’m concerned about potential misconfigurations that may be exploited by attackers to gain control of my instance.

If my virtual machine has been compromised, what is the possible extent of damage that the attacker can do?
Is it possible for him to access resources from other projects or, worse yet, my personal Google account?

Is it possible to create a risk-free environment on my virtual machine where I can experiment without any potential consequences?