In gasliquid two-phase flow, the prediction of two-phase density and hence the hydrostatic pressure drop relies on the void fraction and is sensitive to the error in prediction of void fraction. The objectives of this study are to analyze dependence of two-phase density on void fraction and to examine slip ratio and drift flux model-based correlations for their performance in prediction of void fraction and two-phase densities for the two extremes of two-phase flow conditions, that is, bubbly and annular flow or, alternatively, the low and high region of the void fraction. It is shown that the drift flux model-based correlations perform better than the slip ratio model-based correlations in prediction of void fraction and hence the two-phase mixture density. Another objective of this study is to verify performance of different two-phase dynamic viscosity models in prediction of two-phase frictional pressure drop. Fourteen two-phase dynamic viscosity models are assessed for their performance against 616 data points consisting of 10 different pipe diameters in annular flow regime. It is found that none of these two-phase dynamic viscosity models are able to predict the frictional pressure drop in annular flow regime for a range of pipe diameters. The correlations that are successful for small pipe diameters fail for large pipe diameters and vice versa.