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 investments does P&G report in 2011, and how are these investments accounted for in its financial statements?
  (b) How are P&G’s investments valued? How does P&G determine fair value?
  (c) How does P&G use derivative financial instruments?