Describe Financial Statements and Accounting Methods Used

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.

Support your paper with a minimum of five (5) external resources In addition to these specified resources, other appropriate scholarly resources, including older articles, may be included.

Length: 5-7 pages not including title and reference pages

Your paper should demonstrate thoughtful consideration of the ideas and concepts presented in the course and provide new thoughts and insights relating directly to this topic. Your response should reflect scholarly writing and current APA standards.