4.6. a. What is the difference between liabilities and equity? b. What makes a liability a current liability?

c. Provide some examples of current liabilities. d. What is the difference between long-term debt and notes payable?

4.7. a. Explain the difference between equity section of a non-for-profit business and an investor-owned business. b. What is the relationship between net income on the income statement and the equity section on a balance sheet?

4.8. What is fund accounting, and why is it important to some healthcare providers?

4.9. a. What is the statement of cash flows, and how does it differ from the income statement? b. What are the three major sections of the statement of cash flows?

c. What is the bottom line of the statement of cash flows, and how important is it?