The Value of Financial Statements

Describe the Value of Financial Statements
Address the following questions. Your research efforts should provide you with the knowledge, understanding, and insight, to respond and enable you to:
1.Present and describe the components of the balance sheet. Use illustrative numerical examples to clarify the discussion. Highlight what you feel are the four most important accounting methods used for the development of this statement.
2.Present and describe the components of the income statement. Use illustrative numerical examples to clarify the discussion. Highlight what you feel are the four most important accounting methods used for the development of this statement.
3.Review the Penman (2007) article and describe the nature of the research questions and the primary conclusions advanced.