Please I need 1 page for number 1 and 200 words for number 2. Please use scholarry articles and cite it.1. Why it is important to know the scope of business being reviewed when usingfinancial statements? What “red flags” (early warning signs) should we look forwhen reviewing the balance sheet and income statements?2. Describe the balanced scorecard and dashboard reporting. If you could select only 8measures to include in a dashboard report, which would you select (bespecific)? Why?