Marks : 04 Question # 01 Describe (any two) 1. Accounts payable 2. Notes payable 3. Accrual-versus cash-basis accounting Question #02 Marks : 04 Explain why financial accounting is considered as "Language of Business" Question #02 Marks : 06 Mr.X started his business on July 1, 2021. During the first month of operations the following transactions occurred: Started business with cash Tk. 500,000. Rent paid in advance for a year Tk. 6,000. Purchased merchandising inventory for cash Tk.80,000 and on account Tk. 20,000 from Mr. Tahir. Purchased Marketable securities for cash Tk. 100,000. Cash Sales Tk. 30,000 (cost 20,000). During the period rent expires Tk. 2,000. Commission paid during the trading was Tk. 1,000. Received cash dividend Tk. 4,000 on marketable securities. Paid Tk. 19,500 to Mr. Tahir in full settlement. Withdrew inventory for personal purpose by owner of worth Tk 6,000. Lost Tk. 2,000 in transit Discount allowed Tk. 1,000 Required Prepare a tabular summary of the transactions