The financial statements of Procter Gamble (P G) can be accessed at the books website Instructions Refer to P Gs financial statements and the accompanying notes to answer the following questions (a) What were P Gs sales for 2006 (b) What was the percentage of increase or decrease in P Gs sales from...

a 2006 Sales 68222 million b PGs revenues increased from 56741 million to 68222 million from 2005 to ...

The financial statements of Procter & Gamble (P&G) can be accessed at the books website. Instructions Refer

Question:

The of Procter & Gamble (P&G) can be accessed at the book’s website.

Instructions
Refer to P&G’s and the accompanying notes to answer the following questions.
(a) What were P&G’s sales for 2006?
(b) What was the percentage of increase or decrease in P&G’s sales from 2005 to 2006? From 2004 to 2005? What trend is evident?
(c) In its notes to the what criteria does P&G use to recognize revenue?
(d) How does P&G account for trade promotions? Does the accounting conform to accrual accounting concepts? Explain.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...