Develop a brief answer to each of the following questions.

1. Which account would be most likely to have an account balance that is not normal?

2. A company incurs a cost for a part that is needed to repair a piece of equipment. Is the cost an asset or an expense? Explain.

3. If a company’s cash flows for expenses temporarily exceed its cash flows from revenues, how might it make up the difference so that it can maintain liquidity?

4. How would the asset accounts in the chart of accounts for Miller Design Studio differ if it were a retail company that sold promotional produces instead of a service company?