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Question: FINANCIAL REPORTING

Financial Reporting Problem

The Procter & Gamble Company (P&G)

The financial statements of P&G are presented in Appendix 5B. The company's complete annual report, including the notes to the financial statements, can be accessed at the book's companion website, www.wiley.com/college/kieso. Instructions Refer to P&G's financial statements and the accompanying notes to answer the following questions.

(a) What were P&G's net sales for 2011?

(b) What was the percentage of increase or decrease in P&G's net sales from 2010 to 2011? From 2009 to 2010? From 2009 to 2011?

(c) In its notes to the financial statements, what criteria does P&G use to recognize revenue?

(d) How does P&G account for trade promotions? Does the accounting conform to accrual accounting concepts? Explain.

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