!~~~~~Refer to the extracts of the annual report of Woolworths Limited in this book’s appendix. All questions relate to the consolidated accounts.
1 Which of the notes under significant accounting policies (note 1) deal with revenue and expense recognition?
2 Select three notes related to expense recognition and prepare an alternative policy for the recognition of the expense. Does your alternative increase or decrease profit for the year?
3 Find the dollar values for each of the following for 2021:
a total sales revenue b cost of goods sold c depreciation d interest expense e income tax expense f net profit attributable to outside equity interests.
4 What is meant by profit attributable to non-controlling interests?
5 Why does comprehensive income (as reported on the statement of comprehensive income) differ from profit for the period (reported on the income statement)? Identify the major items which explain this difference.