Refer to the most recent of P&Gs financial statements and the accompanying notes to address the following questions and topics:

Using the notes to the consolidated financial statements, determine P&Gs revenue recognition policies. Discuss the impact of trade promotions on P&Gs financial statements.

Give two examples in which historical cost information is reported in P&Gs financial statements and related notes. Give two examples of the use of fair value information reported in either the financial statements or related notes.

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How can we determine that the accounting principles used by P&G are prepared on a basis consistent with those of last year?

What is P&Gs accounting policy related to advertising? What accounting principle does P&G follow regarding accounting for advertising? Where are advertising expenses reported in the financial statements?