Identify the key elements of footnotes. Consider the following questions to guide your response:

What information is typically included in footnotes?

How do companies know what information they need to include in their financial statement footnotes?

Identify the purpose of footnotes. Consider the following questions to guide your response:

Why are footnotes important and how are they used with financial statements?

What kind of statement components are footnotes typically prepared for?

Why do financial statements need supplemental information to explain numbers?

Evaluate different company situations and their applications of footnotes. Include three different companies. Consider the following questions to guide your response:

How do the various companies utilize footnotes?

How are companies situations similar or different?