1. Which of the following best describes why the notes that accompany the financial statements are required? Select the correct answers (155) permit flexibility in statement preparation standardize financial reporting across companies discuss the basis of presentation such as the fiscal period covered by the statements and the inclusion of consolidated entities provide independent review of an entity's financial statements provide information about accounting methods, assumptions, and estimates used in preparing financial statements 2. Information about elections of members to a company's Board of Directors is most likely found in: (15) a 10-Q filing a proxy statement footnotes to the financial statements