Q1. List 2 similarities and 2 differences between notes payable and accounts payable.

Q2. What are the 2 different types of accounts related to the transfer of asset cost to expense? Which statements are they reported in and at what amounts?

Q3. Explain how the income statement and balance sheet of a company are related to each other.

Q4. If company ABC does a transaction which results in a $12,000 decrease in total liabilities and total assets and no change on equity, this transaction could have been_______? If the company engages in another transaction of $5000 which causes asset to decrease, another asset to increase, liability to increase and no change on equity, this transaction could have been ________?