Suggested talking Points 1. Briefly explain the history of accounting and financial statements, and how financial statements are used. 2. List the types of information found in a corporation's annual report 3. Explain what a balance sheet is, the information it provides, and how assets and claims on assets are arranged on a balance sheet. 4. Explain what an income statement is and the information it provides 5. Specify the changes reported in a firm's statement of retained eamings