Financial Reporting: Annual Reports, Form 10-K, Notes, and Corporate Governance

General Questions:

Respond to the following questions thoroughly.

1. What financial reports are included in the annual report? What are the major types of information contained in each of these reports? What is a Form 10-K? What information can be found in a Form 10-K document that could not be found in an annual report, if any? 
2. Of what significance are the notes to the financial statements? Are these notes required? 
3. Explain the importance of corporate governance to publicly-held company in relation to any interest that it has in being profitable.