Obtain the 2011 annual report for the Royal Bank of Canada from the company's website or from SEDAR (www.sedar.com). Financial reporting for Canadian banks is also constrained by the Bank Act and monitored by the Office of the Superintendent of Financial Institutions.

Instructions
(a) Revenues and expenses are defined as arising from ordinary business activities. 'What are the bank's ordinary (core) business activities? 'What normal expenses must the bank incur in order to generate core revenues?
(b) Are the core business activities reflected in the income statement?
(c) Calculate the percentage of the various revenues and income streams to total revenues and income. Discuss the trends from year to year. In other words, are these revenue and income streams increasing as a percentage of the total revenue and income or decreasing? 'What are the main sources of the revenues and income?
(d) Describe the types of transactions that are included in the statement of changes in equity.