(Solution) - The financial statements of Procter Gamble P G can be 116116 -(2025 Original AI-Free Solution)

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Academic Level: Undergrad. (yrs 3-4)

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The financial statements of Procter & Gamble (P&G) can be accessed at the book?s website.

Instructions
Refer to P&G?s financial statements and the accompanying notes to answer the following questions.
(a) What were P&G?s sales for 2006?
(b) What was the percentage of increase or decrease in P&G?s sales from 2005 to 2006? From 2004 to 2005? What trend is evident?
(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.