The financial statements of Procter & Gamble Company available at http://www.pg.com/en_US/index.shtml . Refer to P&G%u2019s financial statements and the accompanying notes to answer the following questions:

1. Using the notes to the consolidated financial statements, determine P&G%u2019s revenue recognition policies. Discuss the impact of trade promotions on P&G%u2019s financial statements.
2. Give two examples of where historical cost information is reported in P&G%u2019s financial statements and related notes. Give two examples of the use of fair value information reported in either the financial statements or related notes.
3. How can we determine that the accounting principles used by P&G are prepared on a basis consistent with those of last year?
4. What is P&G%u2019s 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?